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...