Publisher's Synopsis
Economics is the science of analyzing the production, distribution, and consumption of goods and services. In other words, what choices people make and how and why they make them when making purchases.The study of economics can be subcategorized into microeconomics and macroeconomics. Microeconomics is the study of economics at the individual or business level; how individual people or businesses behave given the scarcity and government intervention. Microeconomics includes concepts such as supply and demand, price elasticity, quantity demanded, and quantity supplied. Macroeconomics is the study of the performance and structure of the whole economy rather than individual markets. Macroeconomics includes concepts such as inflation, international trade, unemployment, and national consumption and production.
