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What is Economics

Todd Bowles

on 11 June 2010

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Transcript of Economics

Economics •the branch of social science that deals with the production and distribution and consumption of goods and services and their management Supply and Demand Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy

Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price.
The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. Price, is a reflection of supply and demand. Macroeconomics Macroeconomics examines the economy as a whole and answers questions such as 'What causes the economy to grow over time?', 'What causes short-run fluctuations in the economy?' 'What influences the values various economic indicators and how do those indicators affect economic performance? Microeconomics Microeconomics is a branch of economics that studies the individual parts of the economy, including the household and the firms, make decisions to allocate limited resources.
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