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Economics – Economics is the social science that analyses the production, distribution, and consumption of goods and services. It is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
A focus of the subject is how economic agents behave or interact and how economies work. Consistent with this, a primary textbook distinction is between microeconomics and macroeconomics. Microeconomics examines the behavior of basic elements in the economy, including individual agents (such as households and firms or as buyers and sellers) and markets, and their interactions. Macroeconomics analyses the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy.
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