ECONOMICS:
ECONOMICS is a field of social science which studies production of commodities, their distribution and consumption. It tends to explore the economic activity that directly affects the routine life, like finances, business, government, law, family, politics, science, health and social institutions.
The two broad segments of economics are Micro economics and Macro economics. These are the 2 broad categories of economics that are subdivided into other types of economics. The mainframe of economics revolves around micro and macroeconomics.
Macroeconomics deals with economic growth, inflation, unemployment, whereas Microeconomics analyzes the micro or individual aspects of the economy. It studies the interaction between individual buyers and sellers. The main concerns are supply, demand and pricing.
Economics deals with economy, which is a wealth-producing section of any society. Basically economics answers most of the questions that deal with the factors enhancing and establishing economy, or are directly related to it. Economics has specialized fields of studies which enable it to answer the queries related to different segments of any economy. It mainly includes agricultural economics, economic history, environmental economics, labor economics, urban economics, economic development and welfare economics etc.
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