Economics is the study of how goods and services are produced, distributed and consumed in a society.
Microeconomics seeks to understand how individuals and companies make decisions about how to allocate scarce resources.
Microeconomics focuses on problems relating to supply and demand, elasticity, consumer preferences, markets and monopolies.
Macroeconomics focuses on economics on a large scale, often from the point of view of government policy.
Issues studied in macroeconomics include national output, unemployment, interest rates and inflation.