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Economics is the study of how we save scarce resources for our future generation. The study of the utilization of limited resources. Economics deals with almost all matters, such as the behavior of a firm in the market or change in the exchange rate of a country. Economics has two parts:
Microeconomics includes the study of people's, household's,s, and firm's behavior in making choices. How they allocate resources? It deals with individual and economic issues. It also studies the factors that influence their choices. Their decisions affect the market price of goods or the supply and demand of goods.
The following are the features of microeconomics:
Microeconomics is the subject that is important to know the modern aspects of economies. The benefits are as follows:
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