ECONOMICS

What is Economics

Economics is the social science that studies the production, distribution, and consumption of

goods and services. Economics focuses on the behavior and interactions of economic agents

and how economies work.

Introduction to EconomicsEconomics is not an easy subject to deal with.

Economics is a wide variety of subject that has various aspects of economy which includes estimating various

things such as calculating the national income of a country, managing the production, distributing, and consumption of goods and services. Economics have been segregated into two broad categories namely

macroeconomics and microeconomics. While it can be said that microeconomics deals on the industry and firm

level and takes care of their level of problem

Types of Economies Four Types of Economies

Traditional Economic SystemCommand Economic System

Market Economic SystemMixed Economic System

Traditional EconomicThe traditional economic system is the most traditional

and ancient types of economies in the world. Vast portions of the world still function under a traditional

economic system. These areas tend to be rural, second- or third-world, and closely tied to the land, usually

through farming. In general, in this type of economic system, a surplus would be rare. Each member of a

traditional economy has a more specific and pronounced role, and these societies tend to be very close-knit and

socially satisfied. However, they do lack access to technology and advanced medicine.

Command Economic SystemIn a command economic system, a large part of the

economic system is controlled by a centralized power. For example, in the USSR most decisions were made by the central government. This type of economy was the

core of the communist philosophy.Since the government is such a central feature of the economy, it is often

involved in everything from planning to redistributing resources. A command economy is capable of creating a healthy supply of its resources, and it rewards its people

with affordable prices. This capability also means that the government usually owns all the critical industries

like utilities, aviation, and railroad.

Market Economic SystemIn a free market economy, firms and family units act in

personal circumstance to decide how assets get distributed, what products get delivered and who

purchases the merchandise. This is inverse to how an order economy functions, where the focal government gets the opportunity to keep the profits. There is no

administration mediation in an unadulterated market economy ("free enterprise"). Be that as it may, no really free market economy exists on the planet. For instance,

while America is an entrepreneur country, our administration still manages (or endeavors to control)

reasonable exchange, government programs, legit business, imposing business models, etc

Mixed Economic SystemA mixed economy is a combination of different types of

economic systems. This economic system is a cross between a market economy and command economy. In

the most common types of mixed economies, the market is more or less free of government ownership except for

a few key areas like transportation or sensitive industries like defense and railroad.However, the

government is also usually involved in the regulation of private businesses. The idea behind a mixed economy

was to use the best of both worlds – incorporate policies that are socialist and capitalist.

Economics help

Meaning Of Economics Economics is a social science and the term is

derived from the Greek word “oikonomia” with oikos, meaning "house" and nomos, meaning "custom". It is a subject that is very vast and needs vast understanding of all the concepts in order to apply the ideas in the practical problems and understand the subject more deeply. Broadly Economics is divided into two categories: Microeconomics and Macroeconomics.

Topic Of Economics Micro Economics Macro Economics Managerial Economics International Economics Econometrics Public Economics Environmental Economics Industrial Economics Political Economics

Micro Economics Micro Economics: Microeconomics is a

branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

Macro Economics Macro Economics: Macroeconomics is a

branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies

Managerial Economics Managerial economics deals with the

application of the economic concepts, theories, tools, and methodologies to solve practical problems in a business. In other words, managerial economics is the combination of economics theory and managerial theory.

International Economics International economics is a field concerned

with economic interactions of countries and effect of international issues on the world economic activity. It studies economic and political issues related to international trade and finance.

Econometrics Econometrics is the application of statistical

methods to economic data in order to give empirical content to economic relationships. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation

Public Economics Public economics is the study of government

policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare

Environmental Economics

Environmental economics is a sub-field of economics concerned with environmental issues. It has become a widely studied topic due to growing environmental concerns in the twenty-first century. Quoting from the National Bureau of Economic Research Environmental Economics program

Industrial Economics Industrial Economics is the study of firms,

industries, and markets. It looks at firms of all sizes – from local corner shops to multinational giants such as Wal Mart or Tesco. And it considers a whole range of industries, such as electricity generation, car production, and restaurants

Created By:Lennon John

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