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Economics is the study of the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and countries make choices based on how resources are allocated. It can be broadly classified as macroeconomics, which focuses on the entire economy's behaviour, and microeconomics concentrate on individuals and businesses.
Microeconomics
- Demand, supply, and equilibrium
- Elasticity and its measurement
- Product theory
- Cost of production
- Market competition
- Opportunity cost etc.
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