Economics is the science which studies how societies use limited resources to meet unlimited wants. It is because of the broad nature of this social science that it is subdivided into macroeconomics and microeconomics. Macroeconomics is concerned with the use of fiscal and monetary policy to stabilize the national economy. Microeconomics tries to understand the behavior of the individual components of the economy.
Last updated: 7/30/2012 11:56:13 AM