Know About Economics

Economics is about every day activities, it deals with people and is a reflection of how they interact with each other as they go about making decisions/choices in the face of scarcity (what should they choose and what should they left) regarding their lives.

Economics means that you have resources in economy and how will those resources be allocated. Suppose you have Rs. 1000/- (I,e resource) and you are going to allot it on whole amount on watching movies or purchase of books or partially spent money on both for books and movie, economics basically means society have scarce resources i.e resources are very less

"Economics is the study of how individuals and firms make decisions with limited resources as to best satisfy their wants, needs, and desires."

Everything in life has two sides i.e Birth-Death, Head-Tail, Morning-Evening etc

So in Economics, it always has to consider two sides to any arguments I,e consumer/buyer point of view and supplier/seller point of view.

“Branches of Economics”

Under Economics we study, following two major branches of economics

Microeconomics

Microeconomics deals largely with the decision-making behavior of individual consumers and firms in markets,

Macroeconomics

Macroeconomics focuses largely on the aggregated behavior of all consumers and firms in an economy.

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