Introduction to Economics

1. Economics is the social sciences that deals with production, distribution and consumption of goods and services
2. It is derived from Greek word oikonomia which means household management.
3. The two main  branches of economics are micro economics and macro economics.
4. Micro is derived from Greek word which means small. It deals with individual economic unit like individual market, effect of price on good etc. It has narrow scope.
5. Macro is also derived from Greek word and it means large. It studies economy as a whole like national income, GDP, employment etc and hence it has wider scope.