Economics is a subject with vast concepts and is termed as the study related to the production, distribution and consumption of scarce resources in an efficient manner. The study of economics is quite complex and is classified into the microeconomics as well as macroeconomics.
The study of the individual economic units is referred to as the microeconomics, whereas the study of the economic units as aggregates is referred as the macroeconomics. A few concepts covered under microeconomics are poverty, unemployment, economic development, central problems of an economy and many more. A few concepts covered under the macroeconomics I includes the aggregate demand, aggregate supply, balance of payments, national income and many more.