Economics is the social science of
satisfying unlimited wants with scarce resources to satisfy their unlimited
wants. Economics can generally be broken down into: macroeconomics, which
concentrates on the behavior of the aggregate economy and microeconomics,
which focuses on individual consumers.
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Microeconomics: - It is a small-scale
economics. That is form the individual level on up to the industrial level. Microeconomics
is concerned with how consumers and producers come together to exchange goods
and services.
There are following topics of microeconomics are:-
Elasticity and Revenue
Rationing and Allocation
Constraints on a Firm
Maximizing Profits
Government Efficiency
Risk and Exclusion
Resource Markets
Monopolies
Transport Costs
Macroeconomics: - Macroeconomics
studies elements of a large economy, including inflation, government policies,
output growth, and unemployment. On the
other hand, takes a much broader view by analyzing the economic activity of an
entire country or the international marketplace.
Growth and Development
Economic Measurements
Financial Markets
Creation of Money
Theories of Business Cycles
The Labor Market
Fiscal Policy
Monetary Policy
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