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what is the meaning of economics

 

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Meaning of Economics  

Economics is a branch of social science that deals with the activity and interaction of production, distribution, and consumption of goods and services in the market economy to allocate scarce resources.

2 Main Branches of Economics

  1. Microeconomics – this branch of economics analyzes and studies the basic elements in the economy that are concerned with individual markets and small aspects of the economy.
  2. Macroeconomics – this branch of economics analyzes and studies the whole economy as a system that is concerned with issues such as inflation, economic growth, employment of different resources (land, capital, labor, and others), public policies, and others.

Other explanation about what is the meaning of economics https://brainly.ph/question/98555

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