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  • Economics is the social science that studies the production, distribution and consumption of goods and services.

    Economics focuses on the behavior and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers and sellers. Macroeconomics analyses the entire economy (meaning aggregated production, consumption, savings and investment) and issues affecting it, including unemployment of resources (labor, capital and land), inflation, economic growth, and the public policies that address these issues (monetary, fiscal and other policies).

    Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and behavioral economics; and between mainstream economics and heterodox economics.

    This article is derived from the English Wikipedia article "Economics" as of 10 Jul 2018, which is released under the Creative Commons Attribution-Share-Alike License 3.0.