The word ‘Economics’ is defined as the allocation of resources such as the land, labor, and capital efficiently and effectively among the people. Resources are scarce in this world and the demand for various resources is excessive. Economics tends to balance the allocation of these resources efficiently and effectively. Economics is divided into two groups such as microeconomics and macroeconomics. Macroeconomics deals with individuals in a particular society such as consumers, their yearly income, and spending habits. On the other hand, macroeconomics consists of large-scale economic decisions based on entire countries and continents…….
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