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1. MAKING ASSIGNMENTS SIMPLER SINCE " 2010 "
IMPORTANT TERMS OF
ECONOMICS

2. MAKING ASSIGNMENTS SIMPLER SINCE " 2010 "
MICROECONOMICS
Microeconomics deals with individual behavior and
business at a smaller level. It focuses on decision
making with limited resources.

3. MAKING ASSIGNMENTS SIMPLER SINCE " 2010 "
MACROECONOMICS
Macroeconomics is a broader concept that deals with
the economy of a country or a state. It focuses on the
unemployment rate in the nation, government deficit,
inflation and deflation rates, and other major issues
that affect the nation as a whole.

4. MAKING ASSIGNMENTS SIMPLER SINCE " 2010 "
SUPPLY
The amount of good that produces cells in a market is
known as supply. The major formula of supply is if the
prices of the product are high the form increases its
supply because it offers more profitability.

5. MAKING ASSIGNMENTS SIMPLER SINCE " 2010 "
DEMAND
The quantity of goods and products that consumers want to
buy at various prices is known as demand. It follows a
formula that when the price will be higher the demand for the
product will be less. And as the price of the products gets
less its demand becomes higher

6. MAKING ASSIGNMENTS SIMPLER SINCE " 2010 "
SCARCITY
The scarcity is a major problem in economics. It deals with
the gap caused due to scarcity of resources and unlimited
wants of people. Examples of scarcity are- scarcity of
water, land, healthcare services, labour, etc

7. MAKING ASSIGNMENTS SIMPLER SINCE " 2010 "
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