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Economics is the research of unique behavior and society altogether. It is the research concerning human life. It is regarding how they make selections, the way they use resources, and just how they produce money. We are now living in modern society and want to arise for various products. These kinds of demands are never-ending; therefore, the problem of deficiency occurs simply because every need can't be fulfilled. We make judgments regarding how to fulfill the requirement with limited resources. It lets us know exactly how people use resources at their best and how the hard work of people is realized or utilized.

Adam Smith was referred to as the Father of Economics. In 1776, he founded the traditional form of theory. People who learn economics are referred to as economists.

Study of economics is classified into two divisions, namely:

• Micro Economics:- It is that division of economics that studies specific units. Examples of microeconomics are - Theory of demand, Theory of supply, Theory of production, Forms of market.


• Macro Economics:- It is the division of economics that refers to the entire country. Examples of macroeconomics are the study of national income accounting, government budget review, the study of money, etc.

The economic difficulty takes place because of the confined resources. It is a problem of making selection since we need to select the best substitute available from the support. Scarcity is described as the excess demand oversupply, which gives rise to the problem of choice making.

There are generally three kinds of economic problems in microeconomics, which are also known as central problems.

• What to produce problem:- It is merely the problem of precisely what kind of good is to be produced and in what quantity. For example: - Whether a producer provides:-
  • Consumer good
  • Producer good


• The problem of how to build:- It is generally the problem of precisely what sort of approach is to be applied for producing the product. For example - Techniques are basically of two types:-
  • Labour intensive techniques ( use of more labour instead of capital)
  • Capital Intensive techniques( use of more capital instead of labour)
• The problem for whom to produce: - It is quite simply the challenge of the final supply of manufactured products and services. It is based on the way the income is allocated. For example:- Produces on distributing the final goods between various categories of people, namely rich, middle, and poor class.

To solve the economic problems production possibility curve is applied, which abbreviated as PPC. It exhibits the various arrangement of different commodities which a producer can produce using the best utilization of resources. If the PPC is displayed in a graph, it is concave to the origin simply because of marginal opportunity cost, which is the rate of the sacrifice of a single unit compared to the production of other goods.