Economics : Physics Of The Production And Consumption Of Goods And The Transfer Of Wealth

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“Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods” Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction, studying it often reveals why people and governments behave in particular ways. Types of Economics: Microeconomics: Micro economics focuses on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders. Macroeconomics: Macro economics on the other hand, takes a much broader view by analyzing the economic activity of an entire country or the international marketplace. DEMAND AND SUPPY: The Law of Demand: The law of demand states that, “if all other factors remain equal, the higher the price of a good, the less people will demand that good”. As such, the higher the value, that bring down the amount requested. The measure of a decent that purchasers buy at a higher cost is less in light of the fact that as the cost of a decent goes up, so does the opportunity expense of purchasing that great. Thus, individuals will regularly abstain from purchasing an item that will drive them to do without the utilization of something else they esteem more. The Law of Supply: Like the law of demand, “the law of supply demonstrates the quantities that will be sold at a certain price”. In any case dissimilar to the law of

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