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Economics and Their Types

                 ❀ What is Economics ?


   →  The Greek word  "OIKONOMIA"  is the origin of the English word  "ECONOMY".

   →  Oikonomia means Household Management.

   →  Economics is the social science that analyzes economic process to understand the pattern of                         production, distribution and consumption of goods and services in an economy.

    ❋ Branches of Economics ⟹

        There are two branches of Economics.

           1) Microeconomics                                                                

           2) Macroeconomics

            

       1)  MICROECONOMICS :  

                Microeconomics is the study of what's likely to happen when individuals make choices in response to changes in incentives, prices, resources, or methods of production. These scenarios are also known as tendencies.

⚬ Example : Commodity Services (individual manufactures), Labour, Market, Broker,Seller,                                        Private/Personal Finance, Buyer(individual consumer).


       2) MACROECOMONICS :

                Macroeconomics is the branch of economics that deals with the structure, performance, behavior, and decision-making of the whole, or aggregate, economy. The two main areas of macroeconomic research are long-term economic growth and shorter-term business cycles.

⚬ Example : National income, Production, Investment, Unemployment, Tax, Fiscal Policy, Monitory                         Policy, Public Finance.


    


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