What is economics in schools and colleges?
It is a subject of a curriculum but in reality, economics provides students with the right combination of social science and analytical mathematics. For convenience, it is divided into two branches – Microeconomics and Macroeconomics
Microeconomics: It is the study of the relation of different market entities with the market. It shows how a market works by forming a structure. The structure shows how market trends and conditions impact individual decisions of manufacturers, suppliers and investors.
Macroeconomics: It is the study of economics as a whole. The objective is to explain a broad range of topics including growth, business cycle, unemployment and inflation. The study shows how the economy influences decision making at top level.
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Advantage of economics
It is the best subject to choose at the school level as it is related to everything from polity to management. The topics like supply and demand, inflation and growth develop a practical approach that helps in studying other subjects. Similarly, other subjects help in simplifying concepts of economics. In the long run, economics can prepare the students for accepting challenges of higher education.
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