the discipline of Economics broadly deals with
Answers
Economics is a subject of Social Sciences.
It deals with many aspects of our daily life.
In this subject, we deal with the study of
- Production of Goods & Services
- Distribution of Goods & Services
- Consumption of Goods & Services
- Scarcity
- Allocation of resources
The focus of economics is on
- behavior of economic agents
- interaction between economic agents
- Working of economies
It also deals with other aspects of economies in detail like
- How people respond to incentives
- Decision making in organizations
- Managing wealth and finance
It is further divided into two main branches.
- Micro-Economics ( The study of economies at individual level)
- Macro-Economics (The study of economies at collective level)
Discipline of economics
First of all we have to understand Economics. Economics help us to know how the economics connect to our every day life. It help to answer some aspects:
* Why are some countries rich and developed and some are poor ?
*what are the causes of Recessions ?
*Why do women are less independent than men ?
Economics can explained in different way, study of scarcity , how the people uses resources. It involves wealth and finance also.
Economy covers from very small to very large range. There are two type economics.
Microeconomics
1. Microeconomics studies the behaviour of individual economic units of an economy, like firm, individual consumers and producers .
2.Main instruments are demand and supply.
Macroeconomics
It is the part of economic theory which study the whole, such as national income, aggregate consumption, aggregate investment