The study of how people choose among the alternatives available to them is the definition of economics.
The two subfields of economics are microeconomics and macroeconomics.
Microeconomics studies people and business decisions try to understand judgments, choices, and resource allocation made by humans.
While macroeconomics examines actions made by nations and governments
Microeconomics involves a number of important concepts.
1) Supply, Demand, and Equilibrium: Prices are determined by the law of supply and demand. In a market where there is competition, suppliers offer the same price as buyers. Equilibrium in the economy is the consequence.
2) Production Costs: According to this idea, the price of goods or services is determined by the cost of the resources employed in production.
3) Labor Economics: To understand wage, employment, and income trends, this theory looks at both employees and employers.
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