Economics

Economics is the study of the factors that determine an economy's size, growth and development. The study of economics is divided into two broad categories i.e. microeconomics and macroeconomics.  Microeconomics:Macroeconomics is the study of aggregate economic data and how individuals behave in certain market settings. . It mainly studies how individual buyers and sellers make decisions that affect the price and quantity sold. This is also called "micro-level" or "microeconomic analysis."  Macroeconomics:Macroeconomics, on the other hand, studies aggregate economics such as GDP and inflation rates. Macromookic is also called "macro-level" or "macroeconomic analysis."  Utility:Utility is a measure of how much benefit someone gets from a good or service. Economists use the utility to determine the demand curve for a good and help businesses decide what price to charge. When people demand, they buy more of something at lower prices and less of something at higher prices. This is called the law of demand. The market demand curve shows how much of a product the market will buy at different prices. This is called the market demand curve.  Supply:Supply is a measure of how much of something there is in a particular industry or economy. Economists use supply to determine if there is enough supply for people to purchase goods with different prices. Supply is especially used in cases where a firm produces multiple products or where two firms compete for the same customers.