Basic Economics Definition: Fields, Financial, Trading & More

Read the basic meaning of Economics covering its micro, macro aspects and fields including financial, trading, international and more.

Basic Economics Meaning

A look at Basic Economics meaningEconomics is the science that studies how people, firms, governments and nations make choices and decisions in allocating scarce resources. This ensures the satisfaction of their wants. It comes down to a social science that deals with the production and the use of goods and services. Additionally, it refers simply to how people use resources.

It is important to study Economics so that you can gain an understanding of how resources can best be distributed to meet the needs of all people. There is need for Economists in government as well as in various other agencies and businesses. Economics is divided into macroeconomics and microeconomics, described as follows:


Macroeconomics is the study of an entire system of economics. It concentrates on the aggregate economy activity of a whole country or the international market. It can, for example, study how a country uses resources, the time workers devote to leisure and work, effects of taxes on the population, or the productivity of various industries. Read more.


Microeconomics concentrates on individual consumers or how a factor affects parts of the economic system or industries. It draws attention to the dynamics between lenders and borrowers, and buyers and sellers. Read more.

Fields of Economics

The following pages provide lots of other important information on various economics fields:


Analysis report on financial Economics definitionCheck out the definition of financial economics covering its creation of a sophisticated model and the methods of applying its concepts.


Display of items in home economicsGet a clear home ec definition and learn of its history and several activities that benefit many persons on our communities.


People consulting on international economicsCheck out the definition of international economics covering the theory and policy of this system and how it analysis the world economy.


Examples of supply side economics policiesRead this meaning of supply side economics covering its theory, policies and problem in relation to growth through the supply of goods and services.


Smiling business man and woman discussing trading economicsCheck out the simple definition of trading economics including the parameters used and how it correlates with the population.

Other Fields


Example of behavioral economicsGet a clear meaning of behavioral economics covering how it is driven by human choices and how it affects financial organizations.




Other fields of economics include agriculturalenvironmental and managerial. The pages present clear definitions of the particular topics and the benefits, etc., that they bring. You will be able to print the content of any of these pages if desired from

You may also be interested in economic development, growth, books and terms. Development speaks to the process employed by nations to improve the social well being of their citizens. Economic growth takes into account the indicators including gross domestic product, money supply, consumer price index that can help managers make the right business decisions.

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Check out amazon’s books on basic economics definition to learn even more about this very important topic. Many students and other interested persons have benefited from these books. Contact us if you need more help.