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Economics is a social science used to describe and analyze the production, distribution and consumption of goods.[1] It is also described as the study of how societies and individuals choose to allocate scarce resources.[2]

Macroeconomics vs. Microeconomics

Economics is commonly divided into two branches — macroeconomics and microeconomics. Macroeconomics focuses on how the overall economy works, usually at a national or global level. Microeconomics is concerned with how individual markets, sectors, households or consumers operate.[3]

Popular Usage

The chart below tracks the use of the term "economics" in books published since 1800 (according to Google Books).[4]

Notable Works


  1. Economics - definition. Merriam-Webster.
  2. Economics A-Z terms. The Economist.
  3. Micro and Macro: The Economic Divide. IMF.
  4. Economics. Google Books.