What is Economics?

The one who is an expert in this subject of Economy is known as Economist. Economics also tells a person about how the economy is been affected by various influencing factors like change in interest rate, availability of goods, supply and demand of goods & services, resource utilization as well as it also tells us about various management steps that can be taken to enhance the working of Economy like management of taxes, role of Government and many more.

Economics analysis is an excellent tool to perform and manage different decisions related to business, finance, Government as well as in the field of crime, education, health, law, politics and many more. 

Economics has two major divisions which are Microeconomics and Macroeconomics. Microeconomics is the study of economy at low or micro level that is study of effects of decisions which are affecting an individual or a small group while the Macroeconomics is the study of economics at high or macro level that is study of effects of decisions on nation’s economy.

The various other subjects which are a part of Economics includes Public Finance, Fiscal Policy, Government Spending, Regulations and National Accounts, Tax Planning, Cost-Benefits Analysis of various programs, Income Distribution and many more. Thus the subject of Economics plays a vital role in establishing & running a stable, effective and productive economy of the country.