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Economics is the branch of social science that studies the production, distribution and consumption of products and services. It studies how an individual or a business makes choices to allocate resources and satisfy wants and needs.
The main area of focus of economics is the behaviour and interaction of economic agents. Economics is broadly classified into two broad categories-
1. Microeconomics – it analysis the primary individual consumer or a producer in economics. It analyses the interaction of this basic element and the outcome of it. Individual agents include household, firm, buyer, and seller. This branch of economics studies the individual’s behaviour like how an individual owns his wealth or how someone spends money. It concentrates on the supply and demand to determine the prices of an economy.
2. Macroeconomics – it analyses the entire economy as a whole. Macroeconomics includes aggregate production, national income, consumption, saving, and investment. Many issues affect the macroeconomic agents including unemployment, inflation, economic growth and policies. Other branches of economics include business economics, public economics, labor economics, environment economics, ecological economics, industrial economics, and international economics and so on.
Economics is a subject that can be applied throughout society like in business, health care, finance, and the government. Every nation has a strong economy that which it is built upon. The experts on the subjects are in huge demand as Economics is a subject that is studied all over the world for the better understanding of how a country works.
The economic assignment tents to get more and more difficult with a higher level of education. A well-written economics assignment should include all the concepts explained through the appropriate diagram. Also, an economics paper can help in new findings that can help the economy of a country. That is why the administration spent money on conducting research related to this subject.
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