Basic Economics

Basic of Economics Macro and Micro

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Economics is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the entire economy (meaning aggregated production, consumption, savings, and investment) and issues affecting it, including unemployment of resources (labour, capital, and land), inflation, economic growth, and the public policies that address these issues (monetary, fiscal, and other policies). See glossary of economics.

Contents

Demand and supply

Elasticity

The Theory of consumer behavior

Theory of production

What Is Economics

Fiscal Policy

Microeconomics Versus Macroeconomics

Unemployment and Inflation

Interest Rates, Savings, and Investments

Factor market and Price of Factor of production

The Theory of consumer behavior

Perfect and imperfect competition

Etc.

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