Economics is a subject with vast concepts and is termed
as the study related to the production, distribution and consumption of scarce
resources in an efficient manner. The study of economics is quite complex and
is classified into the microeconomics as well as macroeconomics.
The study of the individual economic units is referred
to as the microeconomics, whereas the study of the economic units as aggregates
is referred as the macroeconomics. A few concepts covered under microeconomics
are poverty, unemployment, economic development, central problems of an economy
and many more. A few concepts covered under the macroeconomics I includes the
aggregate demand, aggregate supply, balance of payments, national income and
many more.
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