Principles of Economics

Economics is a branch of social science which focuses on production, distribution and consumption of goods and services. It studies the choices which are made by individual, businesses, governments and nations regarding allocation of resources. Economics is divided into two major branches, namely, macroeconomics and microeconomics. Microeconomics deals with the interactions between individuals and firms regarding the allocation of scarce resources with the help of statistics and derivatives. Macroeconomics analyses the structure, behavior, performance and decision making of an economy as a whole using tools such as GDP, CPI and unemployment rates. Some key areas of focus under this discipline are normative economics, positive economics, keynesian economics, rational economics, applied economics and behavioral economics. This book is a compilation of chapters that discuss the most vital concepts in the field of economics. This book presents the complex subject of economics in the most comprehensible and easy to understand language. It will provide comprehensive knowledge to the readers.