Frae Wikipedia, the free beuk o knawledge
Economics
is "a
social science
concerned chiefly wi description an analysis o the
production
,
distribution
, an
consumption
o
guids an services
".
[1]
[2]
Economics focuses on the behaviour an interactions o
economic augents
an hou
economies
wirk.
Microeconomics
analyzes basic elements in the economy, includin individual augents an
mercats
, thair interactions, an the ootcomes o interactions. Individual augents mey include, for ensaumple, hoosehauds, firms, buyers, an sellers.
Macroeconomics
analyzes the entire economy (meanin aggregatit production, consumption, savins, an investment) an issues affectin it, includin unemployment o resoorces (labour, caipital, an laund), inflation, economic growthe, an the public policies that address thir issues (monetary, fiscal, an ither policies).
Ither braid distinctions athin economics include thae atween
positive economics
, descrivin "what is", an
normative economics
, advocatin "whit shoud be"; atween economic theory an
applee'd economics
; atween
raitional
an
behavioural economics
; an atween
mainstream economics
an
heterodox economics
.
[3]
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