Economics
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Economics is a branch of social
science which deals with the production of goods, distribution and
consumption of those goods and their services. The word economics is
taken from an ancient Greek word �oikonomia� which means �management of
household, administration�
A definition for the
modern economics was given by Lionel Robbins in 1932. It states
economics as �the science which studies human behavior as a
relationship between ends and scarce means which have alternative uses�
The economics aims in explaining the concepts like
how the economies work, and how the economic agents interact with
others. The economics analysis is applied in almost every part of the
society such as business, finance and government. This is also
implemented in education, crime, health, law, family, politics etc.
Economics is mainly branched in to: positive
economics, normative economics, applied economics, mainstream
economics, heterodox economics, micro economics, and macro economics.
Positive economics is a branch of economics which
deals with the description and explanation of economic process. It
focuses mainly on the facts and the relationship between cause and
effects. The positive economics also deals with the development and
testing of the economic theories. It is also concerned with the
economic behavior analysis.
Normative economics is
a branch of economics which works on the valued judgments or normative
judgments about what the economy will be like or about the policy
actions which are to taken to achieve a desired goal. It gives the
expressions for support for particular economic policies.
Applied economics is a term in economics which
provides an application of the economic theories and analysis. In fact
it is not a field in economics.
Mainstream
economics is an alternative word which is used to refer the heterodox
economics. This is more closely associated with the neoclassical
economics.
Heterodox economics is a branch of
economics which deals with the different types of approaches used to
teach economics in schools. This heterodox economics is referred to as
a large umbrella which is used to cover the various types of unorthodox
approaches taken to study economics and the different schools teaching
economics and traditions.
Microeconomics is a
specified branch of economics which gives a detailed study of how the
household and firms take effective decisions to allocate the limited
amount of resources. One of the basic goals of microeconomics is to
analyze market mechanisms which provide relative costs between the
goods and the services and distribute the limited resources between the
alternative users.
Macroeconomics is a branch of
economics which deals with the structure, performance and behavior of
national and local economy as a whole. Macroeconomics also measures
GDP, unemployment rates and also the price indices.
In this way economics forms an important subject
of interest to be studied. Economics homework helps guides in a greater
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