types of economics.

economic in law

1. Name Pardeep Types of Economic Systems

2. Micro economics Two major types of economics are microeconomics, Macro economics Micro economics which focuses on the behavior of individual consumers and producers,

3. Macro economics macroeconomics, which examines overall economies on a regional, national, or international scale.

4. BRANCHES OF ECONOMICS : Following are the main two branches of economics : 1 . Micro-economics: Micro-economics is the Branch of economics which deals with the individual decisions of units of the economy i.e. firms, households, and how their choices determine relative prices of goods and factors of production.

5. Macro economics Macro-economics: It is a branch of economics that study the relationship among the broad economic aggregates like national income, national output, bank deposits, total volume of savings, investment, consumption, general price level of commodities, government spending, inflation, recession, employment, and money supply. Thus the overall study of the country is studied in macro-economics.

6. Difference micro and macro Micro economics difference Supply and demand for goods in different marketplaces. Consumer behavior, as an individual or as a group. Demand for service and labour , including individual labour markets, demand, and determinants like the wage of an employee. One of the main features of microeconomics is it focuses on casual situations when a marketplace experiences certain changes in the existing conditions. It takes a bottom-up approach to analyse the economy.

7. Macro economics Market demand and supply (For example Textile) Consumer Behavior ( for example Consumer Choice Theory) Producers are driven by individual preferences. Market-specific labor markets ( For example demand labor wage determination in specific markets).