Economics focuses on the actions and interactions of economic agents and how the economy works. Microeconomics is the field that analyzes what is considered the basic elements of economics: individual actors and markets, their interactions, and the consequences of their interactions.
For example, individual agents may include households, businesses, buyers, and sellers. Macroeconomics analyzes the economy as a system in which production, consumption, savings, and investment interact and the factors that influence them.
Employment of labor, capital, land and currency inflation, economic growth, and public policy affect these factors.
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