Economics is the study of how people and society end up choosing with or without the use of money to employ scarce productive resources that could have alternative uses to produce various commodities over time and distributing them for consumption now or in the future among various persons or groups in a society. It analyses cost and benefits of improving pattern of resource allocation.
The subject matter of Economics is broadly divided into two branches microeconomics and macroeconomics. Microeconomics studies the economic behaviour of individual economic units (households, firms, buyers, etc.) and their production consumption,savings, investments.
Macroeconomics deals with the functioning of the economy as a whole (aggregate production, consumption saving and investment) and issues affecting it including unemployment of resource inflation, economic growth and monetary and fiscal policy that address these issues.
Microeconomics learning goal :-Students will learn how markets and other governance structures organize core economic activities such as production, distribution, consumption and growth of productive resources. They will also learn about proper allocation of resources so as to maximize utility of profit.
Macroeconomics learning goal:- Students will learn about the determinants of micro economic conditions ( national poverty ) output and unemployment,