Economics is a discipline that studies the allocation of scary resources between alternatives uses to meet individuals needs. Yang (2001) defined the economics as a social science that studies human behavior to distribute resources. Economics is a study of how individual and groups make decisions with limited resources in order to satisfy their needs, wants and desires. According to American Economic Association (2011) economics includes the study of labor, land, investment of money, income, production, taxes and government expenditure. The basic function of economic is to study that how individual, households, firms and nations use their limited resources and opportunities in order to maximize their gains, needs and wants. Economics has a unique method for analyzing and predicting individual behavior and the effects of institutions like firms, government bodies, clubs and religions.
If you are studying economics, you would have to do lot of assignments related to macroeconomics and microeconomics. Economics has two major branches such as micro economics and macro economics. The brief discussion on these two branches as follow:
Microeconomics deals with the economic actions and behavior of individual units and small group of individual units. Microeconomics focuses on the interaction among the individual decision making unites within an economy. In microeconomics, households, business firms and governments are most important participants. Microeconomics of a country consist two sectors such as private sector and public sector. In private sector of the economy includes the households and firms. In private sector of microeconomic analyze the consumers demand and also analyze that why people choose to buy particular goods and services and not others. This sector also analyzes the behavior and decisions of other household units such as savers, investors, workers and entrepreneurs (Yang, 2001).
In private sector, business is also a decision maker in supply goods and services in an economy. Businesses in microeconomics are concern with the pricing, output, hiring and other production and operation decisions. In microeconomics, business firms make these decisions to maximize their profits in a market and contribute a high part in the economics. Another sector of microeconomics is public sector that includes the role of government in an economy. In microeconomics, local, state and national governments make a variety of consumption and production decision that influences the operations of a business in an economy (Taylor & Weerapana, 2007).
Macroeconomic deals with the economic performance of the entire economy. Macroeconomics focuses on economic growth and economic stability of the nation. It is concern with the aggregate economic activities such as national output, national income, national saving rates and the national unemployment rate. In macroeconomics, government plays an important role it is because; government of a nation makes the policies and rules that affect the economic as a whole. In macroeconomics, there are two major policies that affect a nations economic performance such as fiscal policy and monetary policy (Aghion & Durlauf, 2005).
In macroeconomics, Fiscal policy involves changes in taxes and government spending. While monetary policy includes the changes in the money supply and cost of credit. These policies help the nations economy to increase the aggregate demand in the economy and affect the production and operations of a business that create the new jobs and encourage the new investment in the economy (Taylor & Weerapana, 2007).
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