Neoclassical Economics is a school of thought that focuses on how individuals make decisions based on their preferences and the constraints they face. It emphasizes the role of supply and demand in determining prices and the allocation of resources in a market economy. Key concepts include utility, marginalism, and rational choice, which suggest that people act to maximize their satisfaction or profit. This approach emerged in the late 19th century, building on earlier ideas from classical economists like Adam Smith and David Ricardo. Neoclassical Economics has influenced various fields, including microeconomics, macroeconomics, and public policy, shaping modern economic theory and practice.