Economics
Economics
Economics (pronounced: /ɪˌkɒnəˈmɪks/) is a social science that studies the production, distribution, and consumption of goods and services. The term is derived from the Ancient Greek words οἰκονομία (household management) and νόμος (law).
Economics focuses on the behaviour and interactions of economic agents and how economies work. It can be broadly divided into two main branches: microeconomics, which deals with individual agents, such as households and businesses, and macroeconomics, which considers the economy as a whole.
Related Terms
- Microeconomics - The study of individuals and firms in the economy, examining how they make decisions regarding allocation of resources and the price of goods and services.
- Macroeconomics - The branch of economics that studies the behavior and performance of an economy as a whole. It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation.
- Econometrics - The application of statistical methods to economic data in order to give empirical content to economic relationships.
- Behavioral Economics - A method of economic analysis that applies psychological insights into human behavior to explain economic decision-making.
- Development Economics - A branch of economics which deals with economic aspects of the development process in low income countries.
- Environmental Economics - A subfield of economics that is concerned with environmental issues.
See Also
References
External links
- Medical encyclopedia article on Economics
- Wikipedia's article - Economics
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