Economics refers to the social science that studies the production, distribution, and consumption of goods and services. It is the study of scarcity, the study of decision-making. It often involves topics like wealth and finance, but it is not all about money. Economics focuses on the behavior of economic agents and how economies work.
Economics range from the very small to the very large. The study of individual decisions is known as microeconomics. The study of the economy as a whole is known as macroeconomics. Microeconomics analyzes basic elements in the economy and including individual agents and markets. For examples, household, buyers, and sellers. Macroeconomics analyzes the entire economy like as consumption, saving, and investment and issues affecting it including unemployment of resources like capital, labor, and land, inflation, etc.
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