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Economics is the social science that studies about how consumers attempt to satisfy their needs and unlimited wants using scarce resources such as money, natural resources, time and energy. It deals with the production, distribution, consumption of goods and services and with the theory and management of economies and economic systems. Study of economics also includes statistical and mathematical methods for economics, econometrics, public finance, monetary economics, international economics, development economics and economic policy-making.

Economics helps to formulate an understanding of the effects of financial actions and reactions, by individuals and institutions. Graduates who specialize in this field are known as Economist, who helps in solving problems like unfair wages, rapid population growth, and people migration to city centers, high crime incidence, and loss of human resources due to overseas migration. They study and analyze the relationship between supply and demand of goods and services and how they are produced, distributed and consumed.

Economics consists two branches

1. Microeconomics (Microeconomics studies the behavior of specific sectors of the economy,      such as companies, industries or households).

2. Macroeconomics (Macroeconomics explains how demand and supply affect prices,    wages, rentals and interest rates).


Specialty areas of Economics

1. Finance

2. Insurance

3. Agriculture

4. Econometrics

5. Business development

6. Human resource

7. Industrial law

8. International economics



Graduates of Economics are employed in government departments, banking, finance, insurance, stock markets, sales and marketing, investment firms, business journals and newspapers and they can start their career in various colleges, university and professional institutions as a teacher.

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