What is Economics?

 

Economics is a Science and the art of studying the concept of consumption, production, allocation and distribution of resources in the most efficient way possible. It studies the performance of the economy as a whole. There are several types of subjects in economics such as Microeconomics, Macro Economics, Public Economics, Environmental Economics, Political economics, Health Economics, Mathematical Economics, etc. 

Microeconomics, the subject, answers the following questions in detail at individual level: 

1) What to Produce?

2) How to Produce?

3) For whom to Produce? 

4) How much to Produce? 

While Macro Economics deals with the same in aggregates.  

We will be discussing about the same in further detail later.




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