Introduction to Economics and Types of Economic Systems

Introduction to Economics

Introduction to Economics

Modern economics is a discipline of social science concerned with the distribution, productionand consumption of goods and services. The focus here is on making decisions and allocating resources. Studies human behavior in accordance with the belief that people are rational and seek the greatest possible benefit or usefulness. Applied economics relies on a thorough understanding of the workings of the economy.Economics is such an essential topic in business management that many scholars avail of accounting assignment help from service providers intending to score good marks and grades.

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Types of Ec onomic s

There are two main branches of economics study: macroeconomics and microeconomics.

Microeconomics- Macroeconomics-

I t is the goal of mic roec onomic s to better understand human behavior by examining how and w hy individuals respond to pric e fluctuations.

Using mac roec onomic data and indic ators, ec onomies at the national and international levels may be boosted. Ec onomic c yc les and grow th in the ec onomy as a w hole are the subjec ts of this study.

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Types of ec onomic systems

Feudalism Primitivis

Capitalism Socialism Communis

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