Answer:
see below
Step-by-step explanation:
Economics is a social discipline that examines how communities use scarce resources to meet their insatiable needs. It focuses on how choices are made in the production, distributions, and consumption of goods and services. Economics deals with how households and governments allocate limited resources to address divergent needs.
Economics is categorized into two, microeconomics and macroeconomics. Microeconomics is concerned with decisions made by individuals and households in allocating their resources. Macroeconomics studies the entire market system of a country. It focuses on national wide issues, including unemployment levels, inflation, price levels, national income, and gross domestic product (GDP).