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Economics focuses on the behavior and interactions of economic agents and how economies work. Microeconomics analyzes
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, saving, and investment) and issues affecting it, including unemployment of 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 real estate, business, finance, health care, and government.
Economic analysis is sometimes also applied to such diverse subjects as crime, education, the family, law, politics, religion, social
institutions, war, science, and the environment.
The two main branches of economics are microeconomics and macroeconomics.
Macroeconomics is about the economy in general. For example, macroeconomists study things that make a country's wealth
go up and things that make millions of people lose their jobs. Microeconomics is about smaller and more specific things such as how
families and households spend their money and how businesses operate.
There are a number of other branches of economics:
Behavioral economics
Business economics
Constitutional economics
Cultural economics
Development economics
Ecological economics
Economic geography
Environmental economics[5]
Energy economics
Financial economics
Industrial economics
Information economics
International economics
Labor economics
Managerial economics
Mathematical economics or econometrics
Resource economics
Urban economics
Public economics
descriptive, theoretical and policy economics
monetary economics
Famous economists in history include:
Adam Smith (His works include The Wealth of Nations and The Theory of Moral Sentiments. First introduce the concept of
"Invisible Hand").
Thomas Malthus (Author of An Essay on the Principle of Population. Establish the theory of population).
David Ricardo (First introduce the theory of Comparative advantage).
Karl Marx (His works include Das Kapital and The Communist Manifesto; a famous critique of Capitalism).
John Maynard Keynes (Founder of the school of Keynesian economics).
Milton Friedman (Proponent of monetarism. His works include Capitalism and Freedom).