BRANCHES OF ECONOMICS.
Hey Guyz, Happy Last day of
the week. Happy Friday, It’s a beautiful day don’t you agree?. Am just too
grateful for life and Beauty.
Let’s get straight to
work.
Economics can be grouped
into two major groups namely: Micro- Economics and Macro- Economics.
MICRO-ECONOMICS.
Micro- Economics refers to
the branch of economics that deals with smaller units/components of the
economy. It is the branch of economics that studies the economic actions of
individuals, firms and governments. It relates to cost, output, production,
pricing and the marketing activities of households, firms and governments. It is the branch of Economics
that analyzes the market behavior of individual consumers and firms in an
attempt to understand the decision-making process of firms and households. It
is concerned with the interaction between individual buyers and sellers and the
factors that influence the choices made by buyers and sellers. In particular, Microeconomics
focuses on patterns of supply and demand and the determination of price and
output in individual markets (e.g. coffee industry).
