Economics is the study of factors that affect the market at micro or macro level. This includes areas such as production of goods and services, their distribution and the consumption system. It is the branch of knowledge that deals with the complete cycle of production of wealth, its consumption and transfer. Some define Economics as the in-depth study of use of resources or the process of decision-making.
Economics is mainly categorized into two categories, Macroeconomics and Microeconomics. In Macroeconomics, the economy of a country is broadly studied and analyzed as a whole. It takes into accounts factors like unemployment, inflation, taxes, interest rates, growth, etc. Microeconomics involves study of interaction of various entities within a given market structure. It involves study of factors like utility, supply and demand, budget monopoly, constraints, etc. Main topics in this subject revolve around Monetary Policy, Theory of Consumer Behavior, Managerial Economics, Public Economics, Balance of Payments, International Economics, Inflation, Game Theory, Exchange Rate, etc.
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