Under microeconomics, there are various key concepts such as:-

Utility: - Economists use this term to describe the ability of the commodity to fulfill a human want. It can be any commodity or item such as food, clothing, and electricity. Thus, it differs from time to tome and area to area.

Production possibility curve: - The term production possibility curve shows the combination of two products which can be produced with accessible resources. Where the quantity of a factor of production remains the same. Also, the production possibility curve has an alternative name to be called a transformation curve.

Under macroeconomic, there are various models that are studied under it such as

GDP: - The GDP stands for a gross domestic product that estimates the market value of all final products and services produced in the economy within the territorial boundaries of the nation.

Recession: - The recession is the time period that shows the immediate drop-down in economic activities of a particular country. As a result, GDP turns negative, then there is a fall in the employment level and growth of the nation contracts.