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...
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