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Economics is the social science that deals with the economic behavior of the mankind. Economics studies the utilization of scarce resources in the society and how the various goods & services are produced and distributed among the different sections of the society.
Economics can be divided mainly two parts:-
* Macroeconomics
* Microeconomics
Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of the whole economy. This includes a national, regional, or global economy.[
Microeconomics is a branch of economics which studies the behavior of the individual modern household and firms in making decisions to allocate limited resources.
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