many choices may seem straightforward, there is often much more to consider.

Microeconomics seeks to understand the behavior of individual economic agents such as individuals and

businesses. Economists believe that we can analyze individuals’ decisions, such as what goods and services to

buy, as choices we make within certain budget constraints. Generally, consumers are trying to get the most for

their limited budget. In economic terms they are trying to maximize total utility, or satisfaction, given their

budget constraint.

Everyone has their own personal tastes and preferences. The French say: Chacun à son goût, or “Each to his

own taste.” An old Latin saying states, De gustibus non est disputandumor “There’s no disputing about taste.”

If people base their decisions on their own tastes and personal preferences, however, then how can economists

hope to analyze the choices consumers make?
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