Answer:
1. Microeconomics is the branch of economics which deals with the individual decisions of units of the economy and how their choices determine relative prices of goods and factors of production. On the other hand, macroeconomics is the branch of economics that studies the relationship among broad economic aggregates.
2. Opportunity cost is the best alternative to forgo or give up.
3. The three economic problems are: what to produce, how to produce and for whom to produce.
