Economics, Micro, and Macro

Economics: “The social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems.” It is the study of how individuals and firms use limited resources to try and satisfy unlimited wants and needs, leading to choices. It answers the questions what to produce, how to produce, and for whom to produce.

Microeconomics: It studies the individual choices, individual markets, price and quanitity. Some topics convered are things that shift supply and demand, market failures (public goods, common goods, etc.). For example, you could study the relationship between the number of workers and the productivity of a firm.
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Macroeconomics: It is the bigger pictures of how all the pieces of microeconomics fit together. It covers topics such as aggregate demand and supply, the interrelationships between markets, the unemployment rate, and inflation rates. A specific example of something you could study in macroeconomics would be the impact of taxation of the economy.
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