Basics Of Economics

Economics is the study of how societies allocate a limited amount of resources which can have alternative uses. Adam Smith is the father of Modern Economics. Economics is considered as both science as well as an art.
Economics is broadly divided into two categories:
1.Microeconomics which looks at individual markets within a larger economy.
2.Macroeconomics which looks at an entire economy.

Three central problem of an economic is
1.What to produce.
2.How to produce.
3.For whom to produce.
The subject matter of economics includes the study of the problems of consumption, production, exchange and distribution of wealth, as well as the determination of the values of goods and services, the volume of employment and the determinants of economic growth.