Basic Economics Definition & Fields Including Macro, Micro & More

Read the basic Economics definition and fields of Economics including micro, macro, trading, financial, supply side and more.

Basic Economics Definition

A look at Basic Economics definitionEconomics 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

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

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:

Behavioral

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

Financial

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

Home

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

International

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

Supply Side

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

Trading

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

Other Fields:

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 economicsymh.com.

You may also be interested in economic development, growth, books and terms. Economic 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.

Economicsymh Helpful Resources:

Check out books at amazon.com on Economics to learn even more about this very important topic. Many students and other interested persons have benefited from these books.