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The Study of Economics and why economics is important?

Economics is defined as the study of using resources that are used for analyzing the production and distribution furthermore as consumption of products and services. 

Political economy was considered to be the previous name for the topic, but economists who lived within the late 19th century recommended "economics" as a shorter term for "economic science".

This also avoided a narrow political-interest connotation and as similar in form to mathematics ethics and so forth.

A focus on the actions of the topic is the way how Agent interacts and behaves or and how the economy works consistent with this, a primary textbook difference is between macroeconomics and microeconomics

One of the goals of Microeconomics is to analyze the rational behavior of basic key elements in the economy including individual agents such as households, workers as well as firms or as buyers and sellers.

It also examines their interaction. At the same time, the macroeconomics analyzes the entire economy as well as the issues affecting it.

It includes unemployment and inflation as well as economic growth and monetary and fiscal policy.

There are also broad distinctions between positive economics and normative economics

The distinctions also exist between normative economics that is between economic theory and applied economics.

Economic analysis may be useful throughout society, as in business economics and financial economics as well as health economics and government.

Economics is taken into account because the science which traces the laws of such of the phenomena of society as arising from fast processes operating with the combined operations of mankind for the production of wealth. Up to now, this phenomenon doesn’t seem to be modified by the pursuit of any other object.

Economics is often described as the study of man within the ordinary business of life because it enquires how he gets his income and the way how he uses it.  That is on one side it is regarded as the study of wealth. On the other and more important side, it is regarded as a part of the study of man.  Economics can be described as the study of man in the ordinary business of life.

Economic efficiency signifies how well a system produces a large amount of desired output with a given set of inputs as well as available technology. Efficiency is able to be improved if more output is generated without changing inputs.

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