The NAFTA stands for North American Free Trade Agreement it is one of the biggest trading blocks. Why was NAFTA created? NAFTA is created to eliminate the barriers of import and export between the countries. The NAFTA consist of three countries that is Canada, Mexico, and the United States. How Read more…
Economics as a science of wealth management. It is all about getting maximum output with limited resources, Seeing that future generation can use the scares resources. In which Economics is divided in two parts micro & macro economics .
Microeconomics from Greek prefix mikro- meaning “small” + economics, that studies the behaviour of individuals and firms in decision making. That is relationship between the price and goods , demand and supply of the particular good of firm etc.
Macroeconomic from the Greek prefix makro- meaning “large” + economics, that studies about performance or decision making of the economy as a whole. Which is about GDP, National income, Economic Policies, Money supply or demand of the country etc.
how to relate all the economic terms in practical to the country or individual firm. That is how a country is using the economic policies, what are the factors that can affect the demand and supply of money etc.
It is also about knowing factors that affecting individual firm’s demand or supply of the goods . Relationship of demand and supply to price of the good.