Unemployment, inflation, interest rates, exchange rates, jobs, productivity, investment are terms encountered daily in the media. It is not always easy to unravel the mass of information which is conveyed.
Economics is the discipline that seeks to understand such phenomena and analyze the relationships between them. More precisely, economics examines how a country's resources are used to fulfill the needs of its citizens. It is concerned with the production, distribution and consumption of goods and services.
Economics is divided into two interrelated branches. Macroeconomics deals with the economy as a whole and examines the factors that determine the production, employment and price levels in a country. Microeconomics deals with the behaviour of individual economic agents and studies, among other things, how prices are determined in a given market.