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Economics is one of the toughest subjects in the world. Yet it is also one of the most widely studied and widely applied subjects. Whether students are studying Economics by themselves or they are studying allied fields of business, management, accounting, finance, international business, or any other social science like Politics. Both Microeconomics and Macroeconomics in themselves are extremely vast fields of study. Microeconomics deals with the economic decision making of individual units such as Households and Firms.
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While Studying Microeconomics, students have to study the following areas of economics:
- Consumer Theory
- Producer Theory
- Cost Curves
- Forms of Market and Perfect Competition
- Imperfect Market Structures such as Monopoly, Monopolistic Competition Oligopoly and Oligopolistic competition
- General Equilibrium Analysis
- Welfare Economics
- Adverse Selection and Asymmetric Information
Depending on whether students are studying introductory courses of Economics such as Economics 101 or Principles of Economics or Principles of Microeconomics, or are studying intermediate and advanced level microeconomics courses, there is a lot of difference in terms of the course structure and economic techniques apply.
Similarly, for Macroeconomics, students have to study the following topics:
- Gross Domestic Product
- National Income Accounting
- Inflation and Unemployment: Phillips Curve
- Keynesian Model of Macroeconomic Theory
- Aggregate Demand and Aggregate Supply Analysis
- Supply Side Economic Analysis
- Open-Economy and Balance of Payment
- Exchange Rate and Mundell Fleming Model
- IS-LM Model
- Money Demand Theories
- Money Supply in Economy
- Fiscal Policy
- Monetary Policy
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