Economy
Economics is a branch of social science that studies limited resource allocation to meet human needs. This includes studies on production and use through measurable variables, covering production, distribution, and consumption of goods and services. Economics is called positive if it attempts to explain the consequences of the various options available to a particular set of responses, and is referred to as normative if it requires action to be taken. Subjects in economics can be divided into two major branches: ▪ microeconomics: dealing with economic decisions at individual levels. ▪ macro economy: look at the economy as a whole. The aspect that receives special attention in the economy is the provision of materials, production, distribution, trade and competition.