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What is economics?

by Kusum Joshi

Economics deals in social technology associated with the manufacturing, distribution and intake of products and services. We are reading how people, companies, governments and nations pick out the way to allocate sources. Economics specializes in human conduct primarily based totally on the idea that people behave in a rational way and are trying to find the most useful ranges of income or utility. An aspect of economics is to take a look at hard work and trade. In addition , Determining which technique produces the excellent outcomes is the undertaking of economics, as there are numerous possible uses of and sources for human hard work.

Types of economics

Economics studies usually divides into two category

  1. Microeconomics
  2. Macroeconomics

Firstly- Microeconomics

It specializes in how personal customers and companies make decisions. These person decision-making gadgets may be an unmarried person, household, company / organization, or authorities agency. Microeconomics analyzes sure components of human conduct. It also seeks to give an explanation for the way to reply to fee modifications and why it needs what to do at a selected fee level. Microeconomics tells us about how and why one-of-a-kind merchandise values differently, how people make monetary decisions, and the way people excellent deal, coordinate and cooperate with each other. I will attempt to give an explanation for. Topics in microeconomics vary from the dynamics of delivery. It calls for the performance and value related to the manufacturing of products and services. It additionally consists of how the body of workers is split and allocated. How are running groups prepared and functioning?


Macroeconomics, a study of the behavior of a national or regional economy as a whole. It involves understanding the events of the economy as a whole. Such as the total amount of goods and services produced, the level of unemployment, and the general behavior of prices.

Unlike microeconomics, which studies how individual agents, such as consumers and businesses, make decisions, macroeconomics is concerned with the overall outcome of those decisions. Therefore, macroeconomics not only use microeconomics tools such as supply and demand analysis, but also use comprehensive indicators such as gross domestic production (GDP), unemployment rate, and consumer price index (CPI).

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