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What is Economics ?

Economics is a subject that deals with the abundance or scarcity of resources and their production

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What is Economics ?

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  1. What is Economics? Economics is a subject that deals with the abundance or scarcity of resources and their production. It is a multidisciplinary field that has a role in almost all domains, from political science and geography to maths and engineering. Knowledge of economics is applied to effectively use goods and services to meet personal and social goals. Economics is not only about cramming textbooks. One must be aware of what is actually going on in the market. In class 12 economics, Indian eco, and other practical aspects of economics are covered. Further, you will discover the branches and importance of economics. Some of these are taught at school level only.

  2. What are the Branches of Economics? Economics is a very wide subject, and for clarity and better understanding, it is further divided into two branches: macroeconomics and microeconomics. In class 12 economics classes, there are separate books for these branches. Macroeconomics focuses on wider aspects like inflation, overall economic growth, and trade. On the other hand, microeconomics deals with individual market size and small aspects of economics. Although there is an overlap between the two, when you calculate the economy of a country, you will consider each small aspect.

  3. Importance of Economics Economics is a very important subject as it teaches about the world around you, costing decisions, and resource distribution. One must join online tuition classes to go deeper into the subject. Once you get equipped with the knowledge of economics, you will better understand how the market works and how the dynamics can be changed.

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