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Meaning and Significance of Economics

Economics involves studying how people and firms produce, distribute, and use goods and services. It explores how individuals make choices to manage scarce economic resources. This social science discipline has two branches: microeconomics and macroeconomics, with each covering different topics. Microeconomics has various topics, including production theory, pricing, labor market, demand and supply, opportunity cost, theory of the firm, market structures, market equilibrium, economies of scale, and elasticity. On the other hand, macroeconomics covers such economy-wide phenomena as inflation, unemployment, consumption, energy, international trade, national income, gross domestic product, economic growth, and global migration. Although economics is popular in universities and colleges, its concepts come with confusion, and many students find it difficult to understand them. You have no reason to underperform in your coursework because AssignmentDoers tutors are here to assist you with any economics topics.


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