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Economics is the social science of satisfying unlimited wants with scarce resources. Also, Economics is the social science that helps in dealing with the production, distribution, and consumption of goods and services.
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Economics discipline can be broadly divided into two sections: microeconomics and macroeconomics.
Difference between Macroeconomics and Microeconomics:
Macroeconomics studies a nation or the world's economy as a whole, using data about inflation, unemployment and industrial production to understand the past and predict the future growth. Micro-economics explains how demand and supply affect prices, wages, rentals, and interest rates.
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Below is the curve of supply and demand which shows how price varies in microeconomics
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