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Microeconomics and Macroeconomics

  Microeconomics: Microeconomics is the branch of economics that studies individual parts of the economy. It focuses on small units like A person (consumer) A business (firm) A market (such as the market for milk or mobile phones) Main Topics in Microeconomics: Demand and Supply—How Prices Are Set Consumer behavior —why people buy things Production and cost —how businesses produce goods Market structures —types of competition (like monopoly, perfect competition, etc.) Profit and loss —how firms make decisions Example: If we study how the price of apples is decided in the market, or why a company increases the price of its product, that is microeconomics . Macroeconomics: Macroeconomics is the branch of economics that looks at the whole economy . It studies big things that affect the country or world as a whole. Main Topics in Macroeconomics: National income (GDP) —the total income of a country Inflation —rise in prices Unemployme...
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Economic and Finance

  Definition: Economics is the study of how individuals, businesses, governments, and societies allocate resources to satisfy their needs and wants. It encompasses the production, distribution, and consumption of goods and services. Scope: Microeconomics: Examines individual and business decision-making processes, market structures, and the determination of prices and quantities in specific markets. Macroeconomics: Studies aggregate economic phenomena, such as inflation, unemployment, economic growth, and monetary and fiscal policy. Focus: Broader analysis of economies on both small (micro) and large (macro) scales. Examines theoretical frameworks and models to understand economic behavior and predict future trends. Key Concepts: Supply and demand, market equilibrium, elasticity, utility, production functions, GDP, inflation, fiscal and monetary policies, trade, and economic development. Methodologies: Uses qualitative and quantitative methods, including mathematical models, stat...
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