Community and Government
An Introductory Guide to Microeconomics
Written by MasterClass
Last updated: Oct 12, 2022 • 4 min read
Economics is a social science that examines how people affect markets and industries. Sometimes pejoratively called “the dismal science,” it seeks to connect human behavior to the production, distribution, and consumption of society’s goods and services. Economics is divided into branches of study. The two broadest branches are macroeconomics—which directs its focus toward large-scale economies, such as those of an entire nation—and microeconomics—which focuses on smaller-scale economic trends and behaviors.