Economics
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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[edit]
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[edit]
The chart below tracks the use of the term "economics" in books published since 1800 (according to Google Books).[4]
Notable Works[edit]
- "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
References[edit]
- ↑ Economics - definition. Merriam-Webster.
- ↑ Economics A-Z terms. The Economist.
- ↑ Micro and Macro: The Economic Divide. IMF.
- ↑ Economics. Google Books.