The Fundamentals of Economics

The main focus of Economics is the study of how products and services are produced, distributed, and consumed by the consumers.

Human behavior is considered important in Economics because humans act rationally for the highest amount of benefit or value.

The two categories of Economics are microeconomics and macroeconomics.

<p>Microeconomics studies the behavior of an individual person, firm, or organization.</p> Signup and view all the answers

<p>Macroeconomics studies the behavior of the economy as a whole.</p> Signup and view all the answers