Economics enables you to understand how societies, governments, businesses, households, and individuals allocate their scarce resources. Economics is concerned with the optimal distribution of resources in society.
Microeconomics specifically, is essentially a course in life management; it’s the same today as it was in past societies. Microeconomics refers to the study of individualistic economic behaviour at the time of making economic decisions. It studies an individual consumer, producer, manager or a firm, price of a particular commodity or a household.
Students who need to learn how to manage their lives well, have to make decisions about what to do with time and money. They need to make well-informed decisions and understand the market at large as well as make smarter choices and have a better understanding of how the world works.