Economics

Economics deals with the concept of scarcity - the way in which organizations and individuals allocate the resources they have among the competing uses for those resources. It is divided into two separate but related areas. Macroeconomics examines the issues that face nations, such as unemployment, inflation, economic fluctuations and growth, aggregate demand and supply and fiscal and monetary policy. Microeconomics addresses the economy from the standpoint of the individual and the firm. It considers production and costs, market structures, labor markets, income distribution and poverty.