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Countries by real GDP growth rate in 2016. Countries in red were in recession.
Economics
Index
Outline
Category
History
Types
Classification
History of economics
Schools of economics
Microeconomics
Macroeconomics
Methodology
Heterodox economics
JEL classification codes
Concepts
Theory
Techniques
Econometrics
Economic growth
Economic system
Experimental economics
Mathematical economics
Game theory
Post-scarcity
Market
National accounting
By application
Agricultural
Behavioral
Business
Computational
Cultural
Demographic
Development
Digitization
Ecological
Education
Engineering
Environmental
Evolutionary
Expeditionary
Geography
Health
Industrial organization
Information
International
Knowledge
Labour
Law
Managerial
Monetary / Financial
Natural resource
Organizational
Personnel
Public / Welfare economics
Regional
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Social
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Lists
Economists
Publications (journals)
Glossary
Glossary of economics
v
t
e
Economics (/ɛkəˈnɒmɪks, iːkə-/)[1][2][3] is the social science that studies the production, distribution,
and consumption of goods and services.[4]
Economics focuses on the behaviour and interactions of economic agents and
how economies work. Microeconomicsanalyzes 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. Macroeconomicsanalyzes the entire
economy (meaning aggregated production, consumption, savings, and investment) and issues
affecting it, including unemployment of resources (labour, capital, and land), inflation, economic
growth, and the public policies that address these issues (monetary, fiscal, and other policies).
See glossary of economics.
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 behavioural economics; and between mainstream
economics and heterodox economics.[5]
Contents
[hide]
1Term
2Definitions
3Microeconomics
o 3.1Markets
o 3.3Specialization
o 3.5Firms
o 3.7Market failure
o 3.8Public sector
4Macroeconomics
o 4.1Growth
o 4.2Business cycle
o 4.3Unemployment
o 4.5Fiscal policy
5International economics
6Development economics
7Economic systems
8Practice
o 8.1Theory
o 8.2Empirical investigation
o 8.3Profession
9Related subjects
10History
o 10.2Marxism
o 10.3Neoclassical economics
o 10.4Keynesian economics
11Agreements
12Criticisms
o 12.1General criticisms
o 12.2Criticisms of assumptions
13See also
14Notes
15References
16Further reading
17External links
Term
The discipline was renamed in the late 19th century primarily due to Alfred Marshall from "political
economy" to "economics" as a shorter term for "economic science". At that time, it became more
open to rigorous thinking and made increased use of mathematics, which helped support efforts to
have it accepted as a science and as a separate discipline outside of political science and other
social sciences.[a][7][8][9] The ultimate goal of economics is to improve the living conditions of people in
their everyday life.[10]
Economic analysis can be applied throughout society, in business, finance, health care, and
government. Economic analysis is sometimes also applied to such diverse subjects as
crime, education,[11] the family, law, politics, religion,[12] social institutions, war,[13] science,[14] and the
environment.[15]