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(UK english: /iːkəˈnɒmɪks/, /ɛkəˈnɒmɪks/)
(US English: /ɛkəˈnɑːmɪks/, /ikəˈnɑːmɪks/)
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*’economics’ is a ‘social science’ concerned chiefly with ‘description’ + ‘analysis of’ the ‘production’, ‘distribution’, and ‘consumption’ of ‘goods’ and ‘services’*
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(‘economics’ focuses on the behaviour and interactions of economic agents and how economies work)
(consistent with this focus, textbooks often distinguish between ‘microeconomics’ and ‘macroeconomics’)
(‘microeconomics’ examines the behavior of basic elements in the ‘economy,’ including ‘individual agents’ and ‘markets’, their interactions, and the outcomes of interactions)
(individual agents may include, for example, ‘households’, ‘firms’, ‘buyers’, and ‘sellers’)
(‘macroeconomics’ analyzes the entire ‘economy’ (meaning ‘aggregated production’, ‘consumption, savings, and investment) and issues affecting it, including ‘unemployment’, resources (‘labor’, ‘capital’, and ‘land’), ‘inflation’, ‘economic growth’, and the public policies that address these issues (‘monetary’, ‘fiscal’, and other policies))
(other broad distinctions within ‘economics’ include those between ‘positive economics’, describing “what is”, and ‘normative economics’, advocating “what ought to be”; between ‘economic theory’ and ‘applied economics’; between ‘rational’ and ‘behavioral economics’; and between ‘mainstream economics’ and ‘heterodox economics’)
(‘economic analysis’ can be applied throughout ‘society’, in ‘business’, ‘finance’, ‘health care’, and ‘government’)
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(‘economic analyses’ is sometimes also applied to such diverse subjects as…)
‘crime’
‘education’
‘the family’
‘law’
‘politics’
‘religion’
‘social institutions’
‘war’
‘science’
‘the environment’
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*👨🔬🕵️♀️🙇♀️*SKETCHES*🙇♂️👩🔬🕵️♂️*
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💕💝💖💓🖤💙🖤💙🖤💙🖤❤️💚💛🧡❣️💞💔💘❣️🧡💛💚❤️🖤💜🖤💙🖤💙🖤💗💖💝💘
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*🌈✨ *TABLE OF CONTENTS* ✨🌷*
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🔥🔥🔥🔥🔥🔥*we won the war* 🔥🔥🔥🔥🔥🔥