1/Economy is the system by which a country or society produces, distributes, and consumes goods and services.
Economics is the social science that studies how people and governments use limited resources to satisfy unlimited needs and wants.
2/Microeconomics is a branch of economics that studies the behavior of individual economic units, such as:
- consumers
- firms (companies)
- workers
- households
It focuses on how decisions are made and how prices are determined in specific markets.
3/Macroeconomics is a branch of economics that studies the economy as a whole, not individual markets or people.
It focuses on overall economic performance of a country or the world.
Definition:
Macroeconomics studies aggregate economic variables such as national income, unemployment, inflation, and economic growth.
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