Economics can actually be defined a few different ways: it’s the study of scarcity, the study of how people use resources, or the study of decision-making. Economics often involves topics like wealth, finance, recessions, and banking, leading to the misconception that economics is all about money and the stock market. Actually, it’s a much broader discipline that helps us understand historical trends, interpret today’s headlines, and make predictions for coming decades.

Economics is "a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services". Economics focuses on the behaviour and interactions of economic agents and how economies work.

• Microeconomics studies the particular market segment of the economy, whereas Macroeconomics studies the whole economy, that covers several market segments.
• Micro economics stresses on individual economic units. As against this, the focus of macro economics is on aggregate economic variables.
• While microeconomics is applied to operational or internal issues, environmental and external issues are the concern of macro economics.
• Microeconomics deals with an individual product, firm, household, industry, wages, prices, etc., while Macroeconomics deals with aggregates like national income, national output, price level, etc.
• Microeconomics covers issues like how the price of a particular commodity will affect its quantity demanded and quantity supplied and vice versa while Macroeconomics covers major issues of an economy like unemployment, monetary/ fiscal policies, poverty, international trade, etc.
• Microeconomics determine the price of a particular commodity along with the prices of complementary and the substitute goods, whereas the Macroeconomics is helpful in maintaining the general price level.
• While analysing any economy, micro economics takes a bottom-up approach, whereas the macroeconomics takes a top-down approach into consideration.

Statistics is often regarded as being a means by which observations are expressed numerically in order to investigate casual relationship between the variables. Any fact, to be called statistics must be numerically expressed (so that it can be counted, divided or be subject to mathematical analysis) and should be placed in relation to each other. But qualitative data cannot be included in statistics unless they are quantified by assigning some figures for assessment. However, not all numbers are comparable and measurable.

For example : The fact that height of a student is five feet tells nothing, unless it is comparable. Thus for figures to be included in statistics, they must be aggregate of facts and not individual figures. Thats why it is rightly said that statistics are figures but all figures are not statistics

Economics is a discipline that can help us answer these questions. Economics can actually be defined a few different ways: it's the study of scarcity, the study of how people use resources, or the study of decision-making.