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Economics is the study about the forces of supply and demand in the market and tries to allocate scarce resources in the best possible manner to achieve the optimum satisfaction from the limited resources. It is subdivided into microeconomics and macroeconomics. Economics can again be explained as the social science studying and interpreting production and consumption behaviour through measurable variables. It involves utilization of scares resources in the best possible manner to satisfy the most urgent need first. The subject is broadly divided into two main categories: microeconomics, which deals with individuals, such as households and businesses, and macroeconomics, which considers the economy as a whole (including inflation, unemployment, industrial production, and the role of government).
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