What is economics, the definition of economics? - FreeEconHelp.com, Learning Economics... Solved!


What is economics, the definition of economics?

What is the definition of economics?  Economics is a social science that focuses on individual people or firms.  It looks at the choices these people and firms make with respect to production, consumption, and distribution of products and services.  We use economics to create models, or simplified versions of the real world to analyze trends and behavior so that we are able to develop policies that can correct common problems such as waste, unemployment, or inflation.

There are two sub components of economics, microeconomics and macroeconomics.  Microeconomics is like taking a microscope to economics, and focusing on one individual or firm.  We try to use economics to predict their behavior.  This is where utility theory, and production theory come into play.  Macroeconomics focuses on the aggregate economy, and looks at countries and how they interact.  Macroeconomics looks at GDP (gross domestic product), employment, inflation, and trade.

The core idea of economics deals with scarcity, which is covered in another post: on scarcity.


  1. In baseball players need to run a lot. I review multi month before I also played a couple of matches of this beguilement with a segment of my colleagues. In spite of the click here to read that it's a not too bad entertainment to play in the ground and on telephone or PC. This delight respects contribute the vitality.

  2. Great website for the therapeutic understudies, Web based frameworks organization is extraordinary in these nations in context of the shape and style. I simply read the direct of the Middle East individuals possibly I am wrong yet I am very happy to check this http://www.retype.biz/hire-a-professional-typist-here/ site for more info and a gander at the comprehensive network.

  3. The webpage of this site provides more attraction in the mind of readers. This site provides a big source of learning on many grades of the class. It also provides more information about the economic subject. It provides a whole tutorial for completing the course.

  4. Fantastic article. Economics is an best social science subject. Here you have shared wonderful definition on economics. This lesson and definition should learnable for students. Also you can get the facts to choosing our best typing services. Thanks for sharing.

  5. This is actually very good article about definition and value of economics. This is very important social science subject and very valuable degree in job market. Please here visit this link to know about audio typing services. Thanks for sharing excellent definition of economics which should helpful for students.