Economics is the social science that evaluates the
production, consumption and distribution of goods and services. Political
economy was the previous name for the subject, but economists in the tardy 19th
century recommended "economics" as a shorter term for "economic
science" that also avoided a fine political-interest connotation and same
as in form to "mathematics", "ethics", and so on.
The study of economics is generally separated into two major
areas-microeconomics and macroeconomics
Microeconomics is concerned with the behavior of individual
consumers and firms. Specifically it examiners how relative prices are
determined, how resources are allocated to the production of particular goods
and services, how the goods and services are distributed among people, and how
efficient resources are used. Discussions in microeconomics are based on the
assumptions of utility-maximization goal for the individual consumer, and
profit-maximization goal for the firm.
Macroeconomics, on the other hand, is the study of the
economy as a whole. It deals with
aggregate variables such as national income, employment, volume of money and
the general price level, aggregate demand, total expenditure, savings and
investment, total exports and imports, and so on. Moreover, it explores the causes and
suggests possible solutions to such economic problems as inflation,
unemployment, balance of
payments, deficits, sluggish
economic growth, etc. income inequality, and poverty.
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