Learner's spot

Image source- by investopedia What is Economics? Economics is a social science that studies how individuals, government, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants. Economics is divided into two parts:   Micro Economics   Macro Economic Microeconomics         It is the part of economic theory, which studies the behavior of individual units of an economy e.g.: Individual income, Individual output, Group of income, Price of goods, etc. Main tools of microeconomics are: Demand   Supply Macroeconomics:  It is the part of economic theory, which studies the behavior of aggregate of the economy as a whole. E.g. : National income, GDP, Poverty, etc. Main tools of macroeconomics are: Aggregate Demand Aggregate Supply   Interdependence of Micro and Macro economics Micro depends on macro:   Law of demand came into existence from the analysis of the behavior of a group of people. Price of a commo