Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. It is essentially a study of the usage of the resources under specific conditions , without thinking of its negative result and with a hope of positivity which seeks to improve the overall well-being.
Economics have two main branches
Microeconomics is the branch of economics which deals with the entities and the interaction between those entities, while on the other hand macroeconomics includes the dealing with the entire economy as a whole. The base of economics depends on the rule of demand and supply. It is perhaps one of the most fundamental rule and provide a fundamental framework to assess the action of an economy.
Definition of Demand: Demand is the quantity of a good or a service the buyers are willing to purchase at a particular price.
Definition of Supply: Supply means the quantity of a good or services the sellers are willing ro deliver at a particular price. Meanwhile price is a result of the constant tug of war between the demand and supply. All other random things should be kept constant for a good brand or quality because higher the price of product lower will be the demand of the product from the customers.
higher the prices, higher will be the supply from the manufactures. This whole formal is called the law of supply.
Time also play a very important role in this rule of economics, more so in the case of entities in a competition to serve the consumers, if the stock is finished it is not a good sign for the consumer/supplier as it is going to affect the brand badly and the customers can move somewhere else.
if there is excess of demand, the producers have to gauge the nature of demand first to react in as such a way that the they can retain the customers.
The stable state of equilibrium in an economy system makes the economy efficient, in such a state the producers moves with their product and the customers gets whatever they want.
The study of economics have mostly two aspects, it can be either a rewarding or intimidating, but knowledge of basic economics is essential not only for the sake of study but for anyone who interacts with the markets.
Economic systems is the most famous branch of economics that explains the methods and steps with help of that society determines the economic resources. An economic system of a society is the unit of analysis. Economics is that field of study without which no one can make progress in their require field, it plays a main role in the success of any organization.