Economics is the study of human behavior in terms of economics decisions. We know resources are scarce in nature that means we have limited resources but human needs and wants are unlimited. Let us take an example of trees, as we know a tree is a natural resource and scarce in nature. From this we should produce paper or furniture hence resources are not only scarce in nature but also have alternative uses, which means Economics is a social science which studies the allocation of scarce resources to fulfill unlimited human needs and wants. Economics deals with how scarce resources will be managed rationally. The economics is further divided into two categories namely Microeconomics and Macroeconomics. Microeconomics deals with the economic problem at the individual level (single), for example producer and consumer. It is also known as The Theory of Price, as it determines the market price. Microeconomics assumes that the general price in the economy is constant i.e., all macro variables are constant. Macroeconomics deals with the economic problem at aggregate level, for example national product, employment level, inflation etc. It is also known as The Theory of Income and Employment. Macroeconomics assumes that all micro variable are constant. Economics requires a regress study of theories and its complex application.
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