There are Two Specific Branches of Economics:
- Microeconomics: It deals with behaviour of entities and their interaction in making decisions related to the allocation of the resources.
- Macroeconomics: It is the broad discipline of economics which deals with the entire economy as a whole.
What are the Basic Concepts of International Economics?
Demand and Supply: Demand and Supply are the two essential factors which provide the fundamental framework for assessing the actions of an economy.
- Demand: The demand is the quantity of the goods that consumers are willing to purchase.
- Supply: The supply is the quantity of the goods that sellers are willing to sell at a particular price.
Utility: The concept of the utility is associated with the satisfaction of the one acquires after consuming the product. Therefore, the utility is the value-in-use of a commodity or a product.
Efficiency: The efficiency is concerned with the measure of the output driven with the given set of inputs.
Wealth: In economics, the term wealth is used to describe all the things that have value. A commodity is considered as wealth when it has utility, scarcity, and transferability. There are three forms of wealth:
- Individual Wealth
- Social Wealth
- National Wealth
- Financial Wealth
- International Wealth
Elasticity: The elasticity is another basic term used in economics which refers to the change in the quantity of the goods associated with the change in the prices.
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