Economics is an independent stream of social sciences by which we study the demands and sources. It has been developed to review the financial progress in respect of the society and business. It is concerned with out universal necessities of life and money. Economics makes efforts to find the answers of common questions related to money and life including all the forms of money and its uses. It also deals with the production, distribution and consumptions regarding the requirement of the society and nations. It analysis the business through the demand and supply graphs by using mathematical elements.
Economics can be categorized in two sections— Microeconomics and Macroeconomics. Microeconomics is the work of small scale economies which may be either an individual ownership or the large corporation. It studies the functioning of producers (manufacturers or sellers) and buyer (consumers) in respect to their interrelationship and exchanging of money for goods and services. Macroeconomics is the study of large scale economies such as national or global economies. Macroeconomics deals with the microeconomics as a small section of the sphere of economy. Macroeconomics studies the all available microeconomics in the context of the national economy or the whole economy. It also searches the relation between microeconomics, their interrelations and their effects on national or global economy as well as the whole phenomena which contains the small economies. It also studies the mass effect of monetary policies of the regional and national economy. Both are two different concepts and participate to make the complete economy to understand the financial scenario of the nations. Both have the different theories and practices, such as macroeconomics studies the economical factor of national importance including inflation, unemployment, GDP, government policies etc. and microeconomics does not deal these issues.
Generally economics is used to study the business, production and consumption, choices, efficiency, costs, finance, rationality, etc. as the view of human behavior. Economics uses several statically models and mathematics analyzing techniques to understand the functionality of business and common factors of the economy. It has sub-disciplines also likewise: Behavior economics, business economics, development economics, econometrics, resources economics (including all available resources such as energy, petroleum, etc.), managerial economics, international economics, public finance, socioeconomic, real estate economics, etc.