Definition of Economics:
Definition of Economics:
The Economist's Dictionary of Economics defines economics as "The study of the production, distribution and consumption of wealth in human society."
The 1828 edition of Webster's dictionary contains that could still apply today:
"Political economy, the administration of the revenues of a nation; or the management and regulation of its resources and productive property and labor. Political economy comprehends all the measures by which the property and labor of citizens are directed in the best manner to the success of individual industry and enterprise, and to the public prosperity."
Economics is the science that deals with the production, allocation, and use of goods and services, it is important to study how resources can best be distributed to meet the needs of the greatest number of people. As we are more connected globally to one another, the study of economics becomes an extremely important one. While there are many subdivisions in the study of economics, two major ones are macroeconomics and microeconomics. Macroeconomics is the study of the entire systems of economics. Microeconomics is the study of how the systems affects one business or parts of the economic system.
Classification of Economics :
From this definition, we can break down the study of economics into two broad categories - microeconomics and macroeconomics.
Microeconomics: Roughly speaking, microeconomics deals with economics decisions made at a low, or micro, level. More precisely, I would define microeconomics as "the analysis of the decisions made by individuals and groups, the factors that affect those decisions, and how those decisions effect others".
Macroeconomics : Macroeconomics is the branch of economics concerned with aggregates, such as national income, consumption, and investment ".
The Economist's
The Economist's Dictionary of Economics defines economics as "The study of the production, distribution and consumption of wealth in human society."
The 1828 edition of Webster's dictionary contains that could still apply today:
"Political economy, the administration of the revenues of a nation; or the management and regulation of its resources and productive property and labor. Political economy comprehends all the measures by which the property and labor of citizens are directed in the best manner to the success of individual industry and enterprise, and to the public prosperity."
Economics is the science that deals with the production, allocation, and use of goods and services, it is important to study how resources can best be distributed to meet the needs of the greatest number of people. As we are more connected globally to one another, the study of economics becomes an extremely important one. While there are many subdivisions in the study of economics, two major ones are macroeconomics and microeconomics. Macroeconomics is the study of the entire systems of economics. Microeconomics is the study of how the systems affects one business or parts of the economic system.
Classification of Economics :
From this definition, we can break down the study of economics into two broad categories - microeconomics and macroeconomics.
Microeconomics: Roughly speaking, microeconomics deals with economics decisions made at a low, or micro, level. More precisely, I would define microeconomics as "the analysis of the decisions made by individuals and groups, the factors that affect those decisions, and how those decisions effect others".
Macroeconomics : Macroeconomics is the branch of economics concerned with aggregates, such as national income, consumption, and investment ".
The Economist's