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Economics is a social science that studies production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations have made choices to allocate resources to meet their desires and needs, and try to determine how these groups organize and coordinate efforts to achieve maximum production.
The term microeconomics was first coined by Norwegian economist, Ragnar Frisch in 1993. Microeconomics is a combination of two words -micro and economic. It derived from the Greek word "mikros" which means small. However, is the branch of science related to the manufacture, intake, and switch of money to obtain the goods produced and objects.
Microeconomics is the branch of economics that focuses on the movement of people and industries. It includes the interaction between consumers and dealers, debtors and dealers. It analyzes the positive components of human conduct and indicates how individuals and companies responded to adjustments in item pricing due to the interaction between demand and supply. Our economics specialists are well versed with microeconomics concepts and thus provide you immediate and quality economics assignment help.
It is a combination of two words macro and economics. It derived from the Greek prefix macro meaning “large” + economics. It is that branch of science which deals with the performance, structure, behavior and decision making of the whole economy. It includes national regional and global economics.
Macroeconomist study aggregated indicators such as GDP, unemployment rates, national income and interrelation among the different sectors of the economy to understand the function of the whole economy.
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