How will the knowledge of microeconomics help an individual?

There are two important microeconomics concepts that can help people.

First is opportunity cost. This is the idea that every action you take has a cost. People know they pay a price when they buy something but they don't often think about what they could have bought with that money instead. Or when deciding to go to a movie, the cost is not jsut the price of the movie but the two hours you spend at the theater that you could have spent doing something else. Always thinking about the opportunity cost of your actions can help you make better, more informed decisions.

The second concept is marginal costs and benefits. When making decisions, it is important to compare the costs and benefits. But it is important to think about the marginal concept and not the total. In other words, what is the marginal benefit and marginal cost of one more hour of sleep or eating one more piece of pizza.