Importance of the Study of Economics: The importance and utility of the subject of Economics can be judged from this fact that it is now considered to be one of the most important and useful subject as compared to any other branch of knowledge. The reasons for gaining its importance are that it makes human welfare its direct and primary concern. It helps in raising the quality of economic life. As... 

Macro Economics: The name ‘macro’ is derived; from the Greek word “uakpo” which means huge or large. Macro-economics, the remaining half of economics, is the study of the manners of the economy as a total. In other words, macro economics deals with total or large aggregate such as national income, output and service, total spending, aggregate saving and aggregate asset and the general stage... 

Microeconomics is derived from a Greek word means small. Basically it is the study of particular economic units, firms, households, individual prices, wages, income, individual industries and commodities. The theory of microeconomics or price theory is based on the study of individual parts of the economy. We study the individual consumer’s demand for a good and to derive the market demand for a...