Introduction to Economics

The art of understanding the economy, economics is the branch that deals with the consumption, production and distribution of wealth among people. It is the social science that aims at the conduct and interactions of economic agents. For anyone who wants to know more about it can seek Australian Economics Homework Help.

Since this subject has so much to do with our daily lives, it has become an integral field of study in almost all schools, colleges and Universities. B.A. in Economics and an M.A. in Economics are the two major degrees in this field of study. Thus, this subject is divided into two main categories.

• Macroeconomics

• Microeconomics

Macroeconomics- This is the type of Economics that deals with the wealth of the nation, community or society as a whole. It thus considers questions like- What is the current Gross National Product (GDP) of the country? Is the wealth being distributed equally in society?

Microeconomics- This is the branch of economics that deals with the technique of wealth spending done by an individual. Thus, it covers questions like- How much does one person save a month? How much do they spend every day?

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