Economics can be best described as the study that defines how people and society make decisions to fulfill their needs and wants with the limited resources that are available to them.
The study of economics can be divided into two major branches which are:
The answer is simple. Economic revolves around our everyday life. We make economic decisions when we're picking a movie or deciding what to eat for lunch. Everything that involves weighing several choices and sacrificing one benefit for a greater benefit is an economic decision. This means that everything we do is related to economics and money in one way or another whether we like it or not.
We are faced with limitations and constraints on a daily basis. Learning about economics can help you understand how people and society use the limited resources in the best possible way to fulfill human needs and wants.
Economics will teach you how to improve your decision-making skills. It will show you how to analyze every possible option and make the best and most rational decision out of whatever limitations that you have.
The study of economics can be divided into two major branches which are:
- Microeconomics: Microeconomics primarily focuses on individual people and businesses. It explains how individuals react when faced with decisions about spending or investing their hard-earned money and how individual firms behave when their competing with other firms.
- Macroeconomics: Macroeconomics focuses on the economy as a whole, looking at various factors which may affect it such as interest rates, inflation, and unemployment. It also concentrates on economic growth and government interventions.
The answer is simple. Economic revolves around our everyday life. We make economic decisions when we're picking a movie or deciding what to eat for lunch. Everything that involves weighing several choices and sacrificing one benefit for a greater benefit is an economic decision. This means that everything we do is related to economics and money in one way or another whether we like it or not.
We are faced with limitations and constraints on a daily basis. Learning about economics can help you understand how people and society use the limited resources in the best possible way to fulfill human needs and wants.
Economics will teach you how to improve your decision-making skills. It will show you how to analyze every possible option and make the best and most rational decision out of whatever limitations that you have.
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