Economics is the social science branch that deals with the study of how people, families, corporations, industries, and government make decisions about the allocation of scarce resources to beneficial uses in order to achieve full benefit or satisfaction.
It is all about the choices we make about the use of scarce resources that have alternate uses, in order to fulfill and spread our most pressing infinite wants.
Micro And Macro Economics
The fundamental difference in the size of research lies between micro and macro economics. In addition, more attention is given to price determination in microeconomics, while macroeconomics is concerned with deciding the income of the economy as a whole. However, microeconomics and macroeconomics, both aimed at improving the wellbeing of the population as a whole, are complementary to each other.
The scope of economics is a wide-ranging topic and includes not only its subject matter, but also various other elements, such as its empirical nature, its ability to pass value judgments, and to offer solutions to practical problems.