Economics is a social science which studies the Production (Supply), Consumption (Demand), Distribution of all the goods and services within the country or across the country. It also studies the behavioral aspects of money flow between people, government and other entities in the society and develops the framework for any policy taken by the Government as a whole.
The economics can be divided into two categories based on its reach and massiveness. Microeconomics deals with the basic elements like demand, supply, buyer, seller, price, consumers and producers etc. Macroeconomics deals with the issues and parameters that affect the whole country or economy such as inflation, global commodity prices, GDP, unemployment, industrial and economic activity, monetary and fiscal policy, budget etc.