The economics is the study of the consumption and production of stock and the transfer of wealth to obtain and produce those commodities. The economics explains how people interact within marketplaces to get what they want or accomplish certain ends, as economics is a driving force of human interaction, learning it frequently reveals why governments and people behave in particular methods.

What is Economics

The study of economics can describe all faces of a country's economic system such as how a nation practices its resources how much time laborers dedicate to leisured time and work, and the outcome of investing in products of financial or industries or the effect of taxes on a universe and why businesses fail or succeed.

The economics includes the study of land, investment of money, labor, production and income and of government expenditures and taxes.

Economics Definition

The economics is defined as the study of the output, distribution and intake of wealth in human society of the world.

The economics is defined as the study of how groups and individuals make decisions with limited resources as to best fulfill their desires, requirements, and wants.


Types of Economics

Microeconomics: Microeconomics is focuses on the activities of industries and individuals like the dynamics between sellers and buyers, lenders and borrowers.

Macroeconomics: Macroeconomics takes a much broader aspect by analyzing the economic activity of an international or whole country market.

Importance of Economics

The economics is a social science and it's important in our political life, daily life, social life and economic life. It's based on the pillar of a nation that who a country is advancing in the economic area, who it is people, is developing in the economic area.

1. The economic activity is human being essential activity and predominant.
2. Laws of all society are the result of it is economic development and conditions.
3. People style of thinking in all society are the production of their economic development and conditions.

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