what is economics?

Economics Aug 08, 2020

what is economics?

Expert Solution

A branch of science that handles the production, distribution and consumption of goods and services is called "Economics". It is the study of individuals, businesses, governments and nations make choices on allocating resources to satisfy their unlimited wants with limited resources. The term economics comes from the Ancient Greek.

Economics is dividend in two parts:

Microeconomics
Macroeconomics

Microeconomics deals with individual consumers and business while Macroeconomics deals with the aggregate economy.

Economists formulate and publish numerous economic indicators, such as gross domestic product (GDP) and the Consumer Price Index (CPI).

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