The term “Economics” refers to the branch of social science that studies the economy and analyzes how goods and services are produced, distributed and consumed by the economy. Since the good and services produced are not unlimited, economics helps to analyze ways to efficiently allocate these scarce resources. It focuses more towards the interactions and behaviors of individuals, groups and, industries. There are mainly two types of economic studies namely, micro economics and macro economics.
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Micro economics is the branch of economics that studies about:
- How different entities interact in order to create the market structure.
- The actions and behaviors of individuals, groups, and organizations in decision-making and allocating resources.
- The factors that influence actions and decisions of individuals, groups, and organizations and their effects.
- It analyzes the production of good and services like how a certain number of inputs such as resources and services are used in order to generate more goods and services.
- How a change in prices affect the demand and supply of product and services as price and quantity are inversely related to each other because the more goods or services cost, the lower the chances of people buying those good or services.
- It studies about how different individuals, groups and, countries may have advantages in generating certain outputs as compared to others.
- It deals with the interaction between the buyers and sellers.
Meanwhile, macro economics is the branch of economics that studies the economy as one whole unit. It deals with:
- The structure of the economy, its performance, and behavior.
- It studies the factors that contribute to the growth of the economy. Such factors include the rate of growth of the population, rate of investment, and technological advancements.
- How the economy makes decisions.
- Analyzes changes in prices levels, inflation, gross domestic product (GDP) and national income.
- Measures the rate of unemployment in the country, that is, it calculates the percentage of people that are without any jobs.
Economics is important because if we don’t study the economy then we won’t be able to improve the living conditions of the world. It helps the economy to flow more smoothly and efficiently.
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