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Economics has many definitions since the subject has changed a lot over the years. Today, economics is as complex and mature as any other social science subject. Economics can be considered as a subject that deals with the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It is often associated with money and finance but it is not all about money only. It is a broad discipline that helps us understand historical trends and make predictions. Two major subsets of economics are microeconomics and macroeconomics.
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Fundamental Economics: Economics is a part of social science that deals with the study of production, households, distribution, firms, consumption of goods and services, industries, government, decision making, and more. It includes the following topics:
Macroeconomics: It is a branch of economics that deals with how an economy functions on a large scale. It includes topics such as:
Microeconomics: It is the study of how individuals and firms allocate resources of production, exchange, and consumption. It includes topics such as:
International Economics: It is an exciting and dynamic field of economics that studies how different countries conduct economic interactions. It includes the following topics:
Personal Finance Economics: In this subject, you study microeconomic principles about personal finance and learn how to apply real-life mathematics concepts. It includes topics like the following:
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