Economics is the study of how people make choices about how to use limited resources. It looks at how people decide to use their money and resources to buy goods and services, and how the decisions they make affect the production, distribution, and consumption of goods and services. Economics is divided into two main branches; microeconomics and macroeconomics. Microeconomics looks at the decisions of individuals and businesses, while macroeconomics looks at the economy as a whole. Microeconomics looks at how people decide what to buy, how much to buy, and how to use their resources most efficiently. It looks at how prices are determined and how businesses decide what to produce and how much to produce. It also examines how people make decisions about how to spend their money and how those decisions affect the economy. Macroeconomics looks at the overall performance of the economy. It looks at how the economy as a whole is affected by factors such as inflation, unemployment, and economic growth. It also looks at how government policies, such as taxes and spending, affect the economy. Economics is an important subject because it helps us understand how the economy works and how people make decisions that affect the economy. It can help us make more informed decisions about how to use our resources and how to improve our economy.
Worksheets for Economics are available under the following sub-topics:
