Jobs, unemployment, inflation, interest rates, exchange rates, productivity, cost of production and price elasticity are all terms seen and heard in the media.
The discipline of economics seeks to understand and analyze the relationships between these dynamics. In simple terms, economics examines how a country’s resources are used to meet the needs of its citizens, and is concerned with the production and consumption of goods and services. Macroeconomics deals with the economy as a whole, while microeconomics focuses on the behavior of individual economic agents.
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