how important is microeconomics in our daily life 
microeconomics is critical to daily life even in ways that may not be evident to those engaging in it take the case of someone who s looking to buy a car microeconomic principles play a central role in individual decision making they ll likely consider various incentives such as rebates or low interest rates when assessing whether to purchase a vehicle they ll probably select a make and model based on maximizing utility while also staying within their income constraints a car company will have made similar microeconomic considerations in the production and supply of cars into the market the bottom linemicroeconomics is a field of study focused on the decision making of individuals and firms within economies it s in contrast with macroeconomics a field that examines economies on a broader level microeconomics may look at the incentives that influence individuals to make certain purchases how they seek to maximize utility and how they react to restraints microeconomics for firms may look at how producers decide what to produce in what quantities and what inputs to use based on minimizing costs and maximizing profits microeconomists formulate various types of models based on logic and observed human behavior they test the models against real world observations 