Modern Economics is broken into two distinct types:
The study of Economics that focuses on understanding an individual’s behaviour and consumption on an individual level is called microeconomics. It scrutinises the changes on a household or personal level and their impact on economic prosperity. Consumer behaviour is believed to be the most important in microeconomics. It is considered an important area of study and research to tackle the world problems of poverty and unemployment.
The study of Economics that focuses on understanding the behaviour and performance of an economy as a whole is called macroeconomics.