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Economics, the word is derived from ancient greek word “oikonomia” which means management of house hold or rules of house hold.It basically involves the understanding of the production and distribution and consumption of goods and services. Economics is broadly divided into macro and micro economics. Macro economics deals with broader sectors like country growth, world growth, market, business cycles, monetary and fiscal policy, inflation etc. While micro economics is more specific and involves basic elements like demand and supply, cost, efficiency, specialization etc.
Economics is a part of all sectors of society be it business, governments, households, industries, education, law, politics, etc all sectors are affected by the trends of economics or economics itself is an indicator of the well being of all sections of society. It provides us an overall view or general idea about any kind of business, country, fiscal situation etc. Economics is also divided in positive economics and normative economics, theoretical economics and applied economics, and rational and behavioural economics.