Answer:
BRANCHES OF ECONOMICS
Economics is a broad subject concerned with the optimal distribution of resources in society. Within the subject, there are several different branches which focus on different aspects. Also, there are different schools of thought which generally have different views on aspects of economics.
The first way to split economics is microeconomics and macroeconomics.
MICROECONOMICS – concerned with individual markets and small aspects of the economy.
MACROECONOMICS – concerned with the whole aggregate economy. Issues such as inflation, economic growth and trade.
To some extent, the split is artificial. Aspects of microeconomics filter into macro-economics. For example, if you take the study of developing economies, this involves both looking at micro-aspects of development (agricultural markets) and macro-aspects like growth. See the difference between macro and microeconomics.
Step-by-step explanation:
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