Economics Affects Our Daily Life - 1576 Words

Introduction Economics affects our daily life. Economics is the social science, which inspects how individuals allocate limited resources in order to satisfy their various desires. Different aspects of economy analyzes and studies production, factors of production, demand and supply analysis, consumption, distribution, market structure etc. Question 1 Economics can be classified into two main branches, which are macroeconomics and microeconomics. Macroeconomics refers to study of economic aggregates (aggregate demand, aggregate supply etc.) while Microeconomics refers to study of behavior and performance of individual parts of economy such as firm or household. Macroeconomics Macroeconomics includes studying the determination of national output and its growth over the long time. It also applies to the study of problems of recession, level of employment, international trade, inflation, Gross Domestic Product (GDP) and how all these concepts interact with each other. Macroeconomic problems are fully connected with the balance of aggregate demand and supply therefore government macroeconomic policy stimulate to focus on the balance of aggregate supply and aggregate demand. It can be demand-side policy or supply-side policy. Demand-side policy can affect the level of employment, production and price while supply-side policy designed to influence the level of production directly. Studying and applying macroeconomics is incredibly important at the government level as the policyShow MoreRelatedEssay on Sociology and Social Sciences1144 Words   |  5 Pagesï » ¿The Social Sciences Complete and submit this assignment by the due date to receive full credit. (7 points) 1. Rank the seven social sciences (anthropology, economics, geography, history, political science, psychology, and sociology) according to what you believe is their importance and influence on the people in a modern society. 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