Economics is the study of how society (People) chooses to employ limited resources to produce goods and services and distribute them for consumption.
There are two branches of economics.
•Microeconomics: The part of economics that looks at the behavior of people and organizations in particular markets.
•Macroeconomics: The part of economics that looks at the operation of nation’s economy as a whole.
Economic system is the accepted process by which labor, capital and natural resources are organized to produce and distribute goods and services in a society.