Overture Economics

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek word” oikonomia”, "management of a household, administration" from oikos, "house" +nomos, "custom" or "law", hence "rules of the house(hold)".

A focus of the subject is how economic agents behave or interact and how economies work. Consistent with this, a primary distinction is between microeconomics and macroeconomics.

Ø Microeconomics examines the behavior of basic elements in the economy, including individual agents such as households and firms or as buyers and sellers and markets, and their interactions.

Ø Macroeconomics analyzes the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy.

Economic analysis may be applied throughout society, as in business, finance, health care, and government, but also to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, and science. An increasing number of economists have called for increased emphasis on environmental sustainability; this area of research is known as Ecological economics.

Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

Macroeconomics

Microeconomics is the study of economics analysing individual players of a market and the structure of such markets. It deals with, as its irreducible base unit, private, public and domestic players. Microeconomics studies how these players interact with each other through individual markets assuming that there is a scarcity of tradable units and government regulation.                                          

Macroeconomics

Macroeconomics examines the economy as a whole to explain broad aggregates and their interactions "top down", that is, using a simplified form of general-equilibrium theory. Such aggregates include national income and output, the unemployment rate, and price inflation and sub aggregates like total consumption and investment spending and their components. It also studies effects of monetary policy and fiscal policy.

International Economics

International trade studies determinants of goods-and-services flows across international boundaries. It also concerns the size and distribution of gains from trade. Policy applications include estimating the effects of changing tariff rates and trade quotas. Economic systems is the branch of economics that studies the methods and institutions by which societies determine the ownership, direction, and allocation of economic resources. An economic system of a society is the unit of analysis.

Among contemporary systems at different ends of the organizational spectrum are socialist systems and capitalist systems, in which most production occurs in respectively state-run and private enterprises. In between are mixed economies. A common element is the interaction of economic and political influences, broadly described as political economy. Comparative economic systems studies the relative performance and behavior of different economies or systems

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