What Is Economics?

The study of how individuals, governments, bussiness,

and other organizations make choices that effect the
allocation and distribution of scarce resources.
There Are 2 Generally of Economy:

1. Microeconomics
The study of individual consumers and producers
make their decisions. This includes a single person, a
household, a business or a governmental
organization.
2. Macroeconomics
The study of overall aggreg
ate economy. This can inclu
de a distinct geographical
region, a country, a contin
ent or even the whole world
.
Two The Most Common Schools of
Economic Thought Are:
1. Classical
- Free markets are the best way to allocate resources.
- Government's role should be limited to that of a fair,
strict referee.
2. Keynesian
- Marekts sometimes don't w
ork well at allocating reso
urces.
- Government's must step in
from time to time and reall
ocate resources efficiently
.