oboloo Glossary

Economics

oboloo Glossary

Economics

Economics

In its broadest sense, economics is the study of how people use resources. More specifically, it is the study of how people use resources to produce goods and services and how these goods and services are exchanged in markets.

In microeconomics, the focus is on how individuals and firms make decisions and how these decisions interact in markets. In macroeconomics, the focus is on economic aggregates such as inflation, unemployment, and economic growth.