 In the module 17, we are going to explain that what is the subject matter of economics means in economics on which subject we are going to explain more. Generally we have defined as economics already that it is the combination of the two things and this combination means that it is the subject that deals with the scarce resources with the multiple ends and this study of human behavior it will come under the economics. But under the subject when we say that scarce resource and the multiple ends and the dealing of the individual but at nowadays this economics is not only the decision or the study of household management or the firms rather it has certain broader aspects. So before 1930 the era of depression the economics was termed as only economics but then the term was coined by Ragnar Frisch and he coined that the economics can be divided in two broader aspects one that will be called micro and the second that will be called macro. And so two basic schools of economics came into being one is called microeconomics and the other is called macroeconomics and this slide explains us that this microeconomics it is further divided under the various aspects these are the various facets of the economics or we can say these are the various functions that various economic agents they perform in the economy. So when we deal with one particular factor or when we explain with various functions specialty we can divide this economy under the various themes. When we will be dealing only and only the product in the farms of the production we will say it will be product pricing when we will deal only the factors of production this will come again one aspect and when we will deal with the sacrifice of certain resources in lieu of the others and how it will affect the well-being of the people it will come again under one sub branch of economics and under the macroeconomics again there are the various functions of the economy. So departmentalization or the compartmentalization of the various functions of the economy according to its special feature that will explain the further detail of the microeconomics and the macroeconomics that we will explain in our coming lectures.