Information
About Economics
Economics is a
social science concerned with the production, distribution, and consumption of
goods and services. It studies how individuals, firms, governments, business,
and nations work on allocating resources to fulfil their wants and needs.
They also try
to verify how these groups should organize and coordinate endeavours to achieve
maximum outputs. It is also the study of scarcity or the study of
decision-making. It focuses on topics like wealth and finance but it’s not all
about money.
The Realm Of Economics
Economics
touches everyone’s lives and helps to see the world in a new way. The study of
economics ranges from the very small to very large. It is divided into two main
categories.
Macroeconomics-
As the name suggests, it looks at the overall, larger picture of the economy,
including inflation, unemployment, economic growth and decline, price-levels,
and how they are all related to each other. It also makes us understand the
reasons for our economy’s growth and contract.
Microeconomics-
It is different from Macroeconomics. It is the science of how people make
decisions at a smaller scale with scarce resources and then apply to analyse
policy. It applies to markets of goods and services and deals with individual
and economic issues.
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Applied
Economics is the application of economic theories to the real world’s economic
conditions. It finds practical solutions to economic problems. With applied
economics, students can apply all the theories to real situations facing the
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