Economics is the branch of social science that studies how individuals, families, businesses, industries, and governments decide to allocate scarce resources for full benefit or satisfaction. It is about the choice we make to use limited resources in alternative ways to satisfy and propagate our most pressing, unlimited desires.
micro and macroeconomics:
A fundamental difference in the scope of research lies between microeconomics and macroeconomics. Also, while microeconomics focuses more on pricing, macroeconomics is concerned with determining gross income. However, microeconomics and macroeconomics complement each other, both aimed at improving the overall well-being of the population. The field of economics is a broad subject that encompasses not only the subject but many factors such as the empirical nature, the ability to evaluate values, and the presentation of solutions to practical problems.