Discuss the subject matter of economics.

Explanation

(i) The subject matter of economics includes microeconomics and macroeconomics.
(ii) Microeconomics, studies the behaviour of individual economic units of an economy, like households, firms, individual consumers and producers etc. It does not study the economy as a whole.
(iii) Macroeconomics is the part of economic theory that studies the economy as a whole, such as national income, aggregate employment, general price level, aggregate consumption, aggregate investment, etc.