• Microeconomics is study of how individuals and firms make decisions in the world of ( Scarcity - Scarcity drives the world of economics )

• Mostly microeconomics talks about ( Trade-offs - When a person gives up one thing for something else ) which is really important, the important concept behind trade-offs for economical success is the concept of opportunity cost, opportunity cost defines that " every action has a sacrifice of a another action ". Everything you do has the next best alternative you could have done instead

• Example Of Opportunity Cost -: If your purchase jeans, you lose the opportunity to buy pants.

• The science of economics proclaims that for anything you need or want will always have a trade-off. Opportunity cost can be define in a short of form "constrained optimization"

Supply And Demand 

• The demand curve represents the relation between a price of a good and how much people want it

• When a price of a good increases people wanna produce more of the supply

• When the price of the good and the demand of people match together it is called market equilibrium, this is the point where the producer and the consumer is happy of the transaction

• When the price is 3 dollars and the quantity is 600, this is the point of equilibrium

• Market Failure - Selling a fake kidney at ebay auction was a real life example, this cause a market failure of the economy of kidneys