Overview

Economics is the social science that studies how individuals, businesses, governments and societies make choices about using scarce resources to satisfy their needs and wants. It analyses the production, distribution, and consumption of goods and services. Economics is divided into microeconomics, which focuses on the behaviour of individual actors such as consumers and firms, and macroeconomics, which examines aggregate phenomena like inflation, unemployment and economic growth at the national or global level. Key concepts in economics include supply and demand, which determine prices and quantities in markets and factors like labour, capital and natural resources that contribute to production. Economists use models and theories to understand and predict economic behaviour, helping policymakers formulate effective strategies to manage economic challenges. This book presents the complex subject of economics in the most comprehensible and easy to understand language. The topics included in this book on modelling and simulation in economics are of utmost significance and bound to provide incredible insights to readers. Those in search of information to further their knowledge will be greatly assisted by this book.

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9781639879229

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