Economics is one of the oldest and most influential of intellectual disciplines. The word economics comes from ancient Greece (like so many words and important ideas) when an “economist” was the manager of an estate. Those very practical economists grappled with all the basic problems of economic decision-making facing a modern executive today. Economics focuses on the behaviour and interactions of economic agent and how economics work. Microeconomics is a field which analyzes what’s viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements.
INTRODUCTION TO ECONOMICS
Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.
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