Economics as a science Work performed by 2 nd year student IURE of BI-111 Elena Antonova
Table of contents Entry Definition Political economy Microeconomics and macroeconomics Ecological economics Conclusion
With the economy we face every day. For example, when we walk into the store. The economy has become an integral part of human life.
Definition Economics is the social science that analyzes the production, distribution, and consumption of goods and services.
Political economy was the earlier name for the subject, but economists, in the late of the 19 th 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 agents behave or interact and how economies 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. Macroeconomics analyzes the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy.
Economic analysis may be applied throughout society, as in business, finance, health care, and government, but also to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, and science.
At the turn of the 21 st century, the expanding domain of economics in the social sciences has been described as economic imperialism. An increasing number of economists have called for increased emphasis on environmental sustainability; this area of research is known as Ecological economics.
Economics plays a huge role in society First, it provides people with the material conditions of existence - food, clothing, housing and other consumer goods. Second, the economic life of society is a system component of the society, the crucial area of his life, which determines the course of all the processes taking place in society.
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