Economics as a word originated from greek words: oikos means “Family or household” and nomos stands for “custom, law” etc. Thus “household management” is essential meaning of economics.
In other words economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.
Branches of Economics:
Microeconomics:
Microeconomics is the study of economics at an individual, group or company level.In microeconomics we study supply and demand for a specific product, the production that an individual like how many cars, how much steel, consumer behaviour etc.
Macroeconomics:
Macroeconomics is the study of a national economy as a whole. Macroeconomics focuses on issues that affect the economy as a whole. Some of the most common focuses of macroeconomics include unemployment rates, the gross domestic product of an economy, poverty, balance of payment and inflation.Both of these branches are independent to each other
