Economic

Economic is a term that refers to the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind. It is a broad field that encompasses a variety of sub-disciplines, including microeconomics, macroeconomics, behavioral economics, developmental economics, and international economics.

Overview

Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth. The word "economics" is from the Ancient Greek οἰκονομία from οἶκος (oikos, "house") and νόμος (nomos, "custom" or "law"), hence "rules of the house(hold for good management)".

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.

Macroeconomics

Macroeconomics, on the other hand, involves the "big picture" of economics. It is concerned with the economy as a whole and studies how the aggregate economy behaves. It deals with issues such as unemployment, inflation, economic growth, and monetary and fiscal policy.

Behavioral Economics

Behavioral economics is a field of economics that studies how the actual decision-making process influences the decisions that are made. It is a field that combines insights from psychology with neo-classical economic theory to show how individuals make predictable errors because of human nature.

Developmental Economics

Developmental economics is a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population.

International Economics

International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them.

See Also

• Economic theory
• Economic systems
• Economic policy
• Economic development
• Economic indicators

References

Economic Resources
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