Modern Economics is recognized as a branch of social science which stresses on studying economic activity so as to gain a better understanding of processes that govern production, distribution and consumption of various goods. The subject primarily focuses on studying the level of functionality between various economic agents so as to reveal the manner in which economies work. Any student wanting to pursue an academic career in economics would have to be familiar with two of its main branches: microeconomics and macroeconomics. Microeconomics deals with studying interactions between various market entities. These include various public as well as private players which typically operate under government regulations. Macroeconomics on the other hand tends to examine the economy as a whole and tends to explain broad aggregates.
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