The study of economics is divided into five main division i.e.
Consumption, production, Exchange, distribution and public finance.
Consumption
The nature of human wants as well as the principle governing
their satisfaction. The law of diminishing marginal utility, law of substitution
the law of family expenditure and consumer's surplus are of special importance,
the nature of demand and law of demand and supply also belong to consumption
division of economics.
Production
How man makes efforts to satisfy his wants by producing wealth.
In particular, how the four agents of production i.e., Land labor, capital,
organization in the work of production. We study each of these agents, their
importance and the condition of their efficiency.
Exchange
In the third division of economics is an exchange in this how is
the various market forms buying and selling are done. And how prices are
determined, this happens though the interaction of the forces of demand and
supply.
Distribution
It is devoted to the study of the respective shares that go to
the four agents land, labor, capital and organization. These shares take the
form respectively of rent, wages, interest and profit. In distribution, we
study how the share of each agent of production is determined.
Public finance
How government gets money and how they spend it. How government
finance should be collected and distributed it. It involves a consideration of
taxation debit, etc.
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