Economics is "asocial science concerned chiefly wi description an analysis o theproduction,distribution, anconsumption oguids an services".[1][2]
Economics focuses on the behaviour an interactions oeconomic augents an houeconomies wirk.Microeconomics analyzes basic elements in the economy, includin individual augents anmercats, 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 atweenpositive economics, descrivin "what is", annormative economics, advocatin "whit shoud be"; atween economic theory anapplee'd economics; atweenraitional anbehavioural economics; an atweenmainstream economics anheterodox economics.[3]
