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WHAT IS ECONOMICS?
Economics is the study which provides the methods and process to use scarce resources to produce valuable commodities and distribute them among different people. It includes the study of labor, land and investments; money and income and production; taxes and government expenditures.
key Topics to be used in economics are GDP, Retail sales, Industrial production, Employment Data, Consumer Price Index (CPI) are some of the important economic indicators.
BRANCHES OF ECONOMICS?
There are two main branches of economics:
Microeconomics - It focuses mainly on the choices of individuals and businesses and their economic indicators.
Macroeconomics - It concentrates on the behavior of the economy as a whole, on an aggregate level.
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