Various Levels Of Economics

WHAT IS ECONOMICS?

                      The word economics came from the ancient Greek word "Oikonomia" meaning the management of a family or a household. Economics is the study of mankind in the ordinary business of life.ECONOMICS is a social science concerned with the production,distribution and consumption of goods and services.ECONOMICS is the study of how people interact with one another society. Not only by an all-powerful dictator but through the combined actions of millions of households and firms but also In some societies ,resources are allocated.

*ECONOMICS is generally broken down into 2 parts.one is MICRO ECONOMICS,Which forces on individual customers and another is MACRO ECONOMICS, which is mainly forces on performance ,structure, behavior,and  decision making of an economy as a whole.

Macro economics:-

Macroeconomics is the study of economy wide phenomena,including inflation, unemployment, price levels, economic growth, economic decline and the relationship between all of these.Study the changes over time in the economy's rate of unemployment,or alternative polices to promote growth in national living standards is studied by a macro economics .macroeconomics and microeconomics are closely intertwined.

MICRO economics:-

Microeconomics is the study of how they interact in specific markets and how firms and households make decisions.It is a social science that studies the implications of individual human action.Microeconomics shows how individual will make  productive decisions, and how different goods have different values, and why they have different values  and how individuals best coordinate and cooperate with one another.It is impossible to understand a macroeconomics developments without considering the microeconomics decisions