Difference between Microeconomics & Macroeconomics - Ahmed Enow

Definition of Economics: Economics is a social science that deals with the study of the allocation of scarce resource among unlimited and competing uses to satisfy human needs. Fundamental of Economic Problem: the main fundamental economic problem that all society face are; Limited Resources and Unlimited Wants. Difference between Trade offs and Opportunity Cost Trade offs is when you make a decision it involves picking one thing over all other possibilities. Opportunity Cost is the next best alternative use of your time, money and resources when one choice is made rather than another. Types of Economics: Micro economics refer to that branch of economics which studies individual units, such as; consumer, household, firm and industry. Macro economics is that branch of economics which deals with the economy as a whole, instead of individual aspects.