ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Microeconomics studies the behavior of individual people and businesses in order to understand why they make the economic decisions they do and how these decisions affect the larger economic system.

Detailed explanation-2: -Macroeconomics is the study of whole economies–the part of economics concerned with large-scale or general economic factors and how they interact in economies.

Detailed explanation-3: -Microeconomics is based on models of consumers or firms (which economists call agents) that make decisions about what to buy, sell, or produce-with the assumption that those decisions result in perfect market clearing (demand equals supply) and other ideal conditions.

Detailed explanation-4: -Economics is a social science that focuses on the production, distribution, and consumption of goods and services, and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources.

Detailed explanation-5: -Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions.