Table of ContentsDefinition of EconomicsMicroeconomic IssuesRational Economic Decision MakingMarginal CostMarginal ProfitMicroeconomic ObjectiveEfficiencyEquityMacro Economic IssuesRelationship with Growth and InflationUnemployment in Macroeconomic MentionIndividualsDefinition of EconomicEconomic is said to be the art but in modern society it is called social science. In economic terms, they will think about how costs and resources are efficient in meeting the unlimited needs of human beings. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essayThere are microeconomic and macroeconomic types. Microeconomics is about the behavior of individuals and business decision-making. For example, individuals, businesses and households manage their money more efficiently than the organization and internal level. Microeconomic Problems Choice – Every society has unlimited wants and if you want to choose something, you will face an opportunity cost, because resources are limited in production (labor, land, machine, etc.) .)Concept of opportunity cost - This is the alternative cost of the resource. For example, you spend time at the bar after finishing work, you can't have dinner with your family at home, and you don't have time to watch anything else on television. Rational Economic Decision Making The individual always makes logical decisions that support people's satisfaction and their highest self. -interest.It is considered as marginal cost and marginal benefits.Marginal costWhen production achieves one additional unit, the total cost of production is incurred for one additional unit of good and service.Marginal benefitMarginal benefit is an additional benefit caused by the consumption of an additional unit of good and service. Also, what is the difference between marginal cost and marginal benefit. When companies consider producing goods or services for the customer, they focus on how much they charge for the additional costs and expect that they will benefit from it. Microeconomic ObjectiveThere is efficiency and equity.EffectivenessIt is important for a business to have efficiency and effectiveness. .Each company maintains its standards, objectives and profitability. For example, companies expect the lowest prices in production or services, but good quality is possible. Equity means everyone comes from different fields. Therefore, they have different backgrounds, ideas, culture and ethics, but they should have the same opportunities and fairness where they work. global economic factors. Macroeconomics contains the study of concepts such as a country's gross domestic product (GDP), unemployment rates, growth rate, cyclical fluctuations, and how all these concepts relate to each other. Relationship with growth and inflation Economic growth is explained by the theory of endogenous growth which is linked to production issues for example; economies of scale, encouraging technological change and population growth. In endogenous growth theory, the growth rate depends on a single variable: e.g. When faced with inflation, it will cause the rate of return to decrease, which will reduce the aggregation of capital and decrease the growth rate. The author claims that there is a relationship between inflation and growth, which is probably not simple. The bivariate relationship is not.