Microeconomics is a branch of economics. It studies the behavior of individuals and firms for the purpose of making decisions with regards to the allocation of scarce resources and interactions among individuals and firms. Analyzing market mechanisms to establish relative prices among goods and services is a primary goal of microeconomics. It is also involved in market failure analyses. The fundamental concepts of microeconomics are demand, supply, equilibrium, measurement of elasticities, theory of production, consumer demand theory and costs of production, among many others. Some of the specialized areas of applied microeconomics are labor economics, financial economics, public economics, health economics, etc.