Economics and its Types

Economics is very important for human being because it is directly or indirectly related to human being so lets start discussing Economics and its types.

What is Economics?

Limited Resources but Unlimited Wants is known as Economics.

There are different Economists who gave various definition about Economics.

According to Adam Smith:

Economics is the study and inquiry of nature and wealth.

Francis Amasa Walker says

Economics is the study of knowledge which is related to wealth.

Jean Baptiste say (J.B)

Economics is the study of science which is related to requirement or need.


According to Marshall, Economics is the study of wealth and science which concerned with human welfare.

Lionel Robbin

He says that it is the study of science and the study of human and its behaviour.

He also says “Scarce is the part of Economics“.

Types of Economics:

They are followings:

1 Microeconomics.

2 Macroeconomics.


The microeconomics is the branch of economics which deal with the study of behavior of an individual decision and the study of small part of economy as whole is known as Microeconomics.

Examples of Microeconomics are mentioned below,

  • How to use funds by local business
  • Spend government surplus by cities
  • Local business production etc.


The branch of economics which deal with the study of affairs not an individual but on large prospectus concerned overall dimensions of economics life cycle.

Some examples of Macroeconomics are as under,

  • Inflations.
  • Unemployment rates.
  • Economic Outputs etc.

So this is the basic and simple definition of economics which is given by different economists.

I hope you get some useful information and idea from this article and if you like this article then share it with your friends and classmates.

write your opinion which definition is better and give the reason why?

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