Microeconomics Assignment Help >> Introduction to Microeconomics

According to Lionel Robbins, British economists, “economics is a discipline that encompasses the study of human activities as an association among scarce and end resources which have alternative uses." In other words, the term economics can be described as a study that scrutinizes the production, allocation and utilization of country’s resources. One of the most renowned books i.e. Principles of Economics written by Alfred Marshall defined economics as "a study of mankind in the usual business of life; it explores that fraction of human being and social act which is most strongly allied with the accomplishment and with the utilization of the material prerequisites of welfare. Therefore, economics is a study of mankind as well as the study of wealth or resources.

The field of economics is further fragmented into two broad categories namely: microeconomics and macroeconomics.

Microeconomics includes theories of supply and demand, conduct of consumers and organizations, role of government, market etc. whereas on the other hand macroeconomics which deals with inflation, unemployment etc.

Types of Economics