Economics is a social science that studies the production, distribution, and consumption of goods and services to understand how societies allocate resources and make decisions to meet their needs and wants. It involves analyzing the behavior of individuals, businesses, and governments in the context of various economic systems and policies.
Focuses on the behavior of individuals, firms, and industries to understand how markets function, pricing mechanisms, consumer choices, production, and resource allocation at a smaller scale.
Examines the broader aspects of the economy, including national income, unemployment, inflation, economic growth, monetary and fiscal policies, and their impact on the overall economic stability and development of a country.
Analyzes economic interactions between countries, including trade, exchange rates, international finance, globalization, and the implications of policies on global economic relations.
Investigates economic issues in developing and emerging economies, including poverty, inequality, economic growth, sustainable development, and policy measures to improve living standards.
Integrates insights from psychology and economics to understand how individuals deviate from traditional economic assumptions, exploring decision-making processes, biases, and heuristics that influence economic choices and outcomes.