Definition of Economics

Economics is a social science that studies the way in which people, organizations and countries assign resources. Its objective is to study the relationships between production, distribution, exchange and consumption of goods, services and ideas.

The main objective of economics is to enhance the well being of people, but this does not necessarily mean to grant them the greatest amount of consumer goods.


Microeconomics Definition

Microeconomics is a branch of economics that studies the allocation of scarce resource among alternative purposes. It analyses the behavior of individual agents; as opposed to macroeconomics, that studies the behavior of economic aggregates. Microeconomics focuses on individuals, families and companies.