Economics

The study of the production, distribution, or consumption of different products and services is the focus of the social science known as economics.

The study of economics focuses on the activities and relationships of economic actors, as well as the operation of economies. Microeconomics is the study of what are considered to be the most fundamental components of an economy, such as individual agents and markets, as well as the interactions between these components and the effects of these interactions. The term "individual agent" may refer to a variety of entities, such as households, businesses, buyers, and sellers. The field of macroeconomics examines the economy as a system in which production, consumption, saving, and investment interact, as well as the factors that affect the economy, such as employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have an impact on these aspects of the economy.

Other broad distinctions that can be made within the field of economics include those between positive and normative economics, which describe "what is" and "what ought to be," respectively; between economic theory and applied economics; between rational and behavioural economics; and between mainstream and heterodox economics.

The use of economic analysis may be found in almost every sector of society, including the public sector, business, the healthcare industry, engineering, and engineering. In addition to this, it has applications in areas as varied as criminal justice, education, the family, feminism, law, philosophy, politics, religion, social institutions, war, scientific research, and the natural environment.