Economics

Economics is a social science that studies the production, distribution, and consumption of goods and services. It focuses on the behaviour and interactions of economic agents and how economies work.

Overview

Economists analyze the production, distribution, and consumption of goods and services; they study the behaviour and interactions of economic agents, both individually and collectively, and they research the public policies that can both limit and enhance these activities. Economists can work in both the public and private sectors. They may spend their days using complex mathematical models to predict future economic trends, or they may spend their time advising businesses and governments on economic policy.

Microeconomics

Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. This includes the study of markets, where goods and services are bought and sold, and the behavior of consumers and producers within those markets.

Macroeconomics

Macroeconomics, on the other hand, involves the "big picture" of economics. It looks at aggregate economic phenomena, like the factors that cause economic upturns and downturns, the causes of unemployment and inflation, and the effects of government spending and taxation policies.

Economic Systems

Economic Systems are the means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country. They regulate the factors of production, including labor, capital, and land.

Economic Policy

Economic Policy refers to the actions that governments take in the economic field. It covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labor market, national ownership, and many other areas of government interventions into the economy.

Economic Theories

There are several Economic Theories that have been proposed over the years, including classical economics, Keynesian economics, and modern economic theory. Each of these theories has its own set of assumptions and methods, and they each have their strengths and weaknesses.

See Also

• Economic History
• Economic Development
• Economic Indicators
• Economic Models

References

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  Seaport by Claude Lorrain
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  Adam Smith
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  Karl Marx
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  Lydia Lopokova and John Maynard Keynes
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  Ballard Farmers' Market - vegetables
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  São Paulo Stock Exchange
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  Production Possibilities Frontier Curve
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  Late Medieval Trade Routes
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  Supply and Demand - Right Shift in Demand
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  Smokestack in Detroit
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  Field Trip: Water Sampling
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  Diagram of Functional Macroeconomic System