Economics is the social science that analyzes the production,
distribution, and consumption of goods and services.Economics is the social science that analyzes the production,distribution, and consumption of goods and services. politicsl economy was the earlier name for the subject, but economists in the late 19th
century suggested "economics" as a shorter term for "economic science"
that also avoided a narrow political-interest connotation and as similar in form to mathematics, "ethics", and so forth.
A focus of the subject is how economic agends behave or interact and how economie work. Consistent with this, a primary textbook distinction is between microeconomics and macroeconomics.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. macroeconomices analyzes the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy.
A focus of the subject is how economic agends behave or interact and how economie work. Consistent with this, a primary textbook distinction is between microeconomics and macroeconomics.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. macroeconomices analyzes the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy.
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