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In the 21st century, it is really important to know what economics is, which is why there are millions of students getting enrolled in economics studies at the high-school level, undergraduate, and postgraduate levels. Economics is a subject that revolves around the formulation, creation, distribution, and consumption of goods and services. In more simple words, you can say that Economics is the study of how to use limited resources.
Furthermore, it is divided into two major parts Micro Economics and Macro Economics. However, Micro Economics revolves around the study of the behaviour of individuals and organizations in decision making related to the allocation of scarce resources as well as the interactions between organizations and individuals. Whereas, Macroeconomics is concerned with large scale and general economic factors for instance national productivity and interest rates.
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