Final answer:
Microeconomics is a branch of economics that deals with the behavior of individual economic agents and their decision-making processes under budget constraints. It looks to maximize utility for consumers and analyzes firms, consumer behavior, but macroeconomics better describes an economy's aggregated activities such as production and trade.
Step-by-step explanation:
The question "Which of the following describes an economy?" is deeply rooted in the concepts of microeconomics, which is a branch of economics focusing on the behaviors of individual economic agents such as households, workers, and businesses. In microeconomics, we examine how individuals make economic choices under certain budget constraints with the goal of maximizing total utility, or satisfaction.
The options provided such as micro-level analysis of individual firms, study of consumer behavior, aggregated production, consumption, and trade in a region, and market equilibrium are different aspects that can be associated with an economy, but microeconomics particularly deals with a) and b), while c) falls more under macroeconomics.