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What is Economics
Economics has many definitions. Above all, it is a science of human decisions and actions in a world of limited resources and unlimited needs. It deals with production, distribution and consumption of goods and services.

Economics has a variety of definitions. Above all, it is a scientific discipline, thus a science of human decisions and actions in a world of limited resources and unlimited needs. It deals with production, distribution and consumption of goods and services. Economics actually answers the questions:

  • What to produce?
  • How to produce?
  • For whom to produce?

Economics on the one hand, is closely related to mathematics and on the other hand, is related to the social sciences, especially to psychology and sociology.

Economics is usually divided into:

  • Microeconomics - examines the behavior of individual economic players - households, firms, state (the subject of microeconomics can thus be a large multinational corporation)
  • Macroeconomics - examines the behavior of the economy as a whole - the production, inflation, unemployment, foreign and international trade, fiscal and monetary policy (the subject of macroeconomics thus can be an economy of a very small country - smaller than the above-mentioned multinational corporation)

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Last update: 18.08.2016

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segun olotu about 1 year

In nigeria economic situation is contracting and inflation is soaring and life is becoming difficult

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