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Public Economics

Introduction to Economics and Policy Making

Economics is a branch of social science that is concerned with the production, distribution, and consumption of particular commodities and services and is concerned with the studies of individuals, firms, and nations on which principle they allocate goods and services (Garside, 2007). The study of economics is closely related to the study of political science by which policymakers make efficient and productive policies for their respective firms or nations. The studies of economics are broadly divided into two parts which are microeconomics and macroeconomics. Garside (2017) further explains that while microeconomics is concerned with the individual behaviors and firms and their effect on an economy, macroeconomics deals with the factors which overall are related with the economy of a nation, for example, GDP, NNP, Savings rate, unemployment, monetary policy, etc.

The core principle o....