The study of economics (particularly microeconomics) is very much associated with the study of human behavior and allocation of scarce resources. Each and every economy is influenced by various social-economic factors. All kind of economic activities is associated with socioeconomic elements.

We know that the behavior of individuals and human resources are very much affected by the element of ethnicity and culture, which eventually changes the demand differences of consumers.

This microeconomic concept of individual and consumer behavior creates the base to study the macroeconomic dimensions and effects of human behavior.