Economics is a social science used to describe and analyze the production, distribution and consumption of goods. It is also described as the study of how societies and individuals choose to allocate scarce resources.
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.
The chart below tracks the use of the term "economics" in books published since 1800 (according to Google Books).
- "An Inquiry into the Nature and Causes of the Wealth of Nations" by Adam Smith
- "Supply and demand" by Hubert D. Henderson
- "The General Theory of Employment, Interest and Money" by John Maynard Keynes
- "The Theory of Money and Credit" by Ludwig von Mises