Learning Contents:                                                              ·          Understanding   the Meaning of   Micro Economics ·          Vital Components of Micro Economics ·          Features of Micro Economics ·          Decisions Involved in Micro Economics               Economics is a broad field of study which can be divided into two subparts  a. Microeconomics  b. Macroeconomics.  A brief description of microeconomics is mentioned below.    Micro Economics:   In simple words, the term micro means small and economics is the study of making choices or making rational decisions in situations of scarcity so microeconomics deals with economic problems (or economic issues) at the level of an individual like a consumer, firm, market, etc. Decisions such as consumer decisions, firm decisions, etc. explained below would reveal a better understanding of Microeconomics. Scope or Vital Components of Micro Economics 1. Theory of Consumer Behavior or Theory of De