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What is economics?

Economics as a subject is pretty simple to explain. It is a kind of social science; it deals with and helps us understand the consumption, production and distribution of services in goods in context with our daily lives. Modern economics studies the relationship between human beings, their behaviour and means. Economics can be further divided into microeconomics and macroeconomics. Microeconomics deals with specialisation, market conditions, market failures, the public sectors, firms and demand and supply. Macro economics on the other hand deals with economic growth, business cycles, monetary policies, inflation policies, regulations and fiscal policies. Like every other subject, economics too has various schools of thoughts within it. Marxism, The Chicago school of Economics, Classical political economics, neoclassical economics etc are just some of these school or thought. There are various other schools of thoughts too that form a part of this subject.

Why study economics?

Economic helps one understand how various economic agents work. These agents can be just about anything that influences and economic change. Students looking to have careers in the government, finance, business, crime, health, education, politics, law, religion, science, social institutions etc all benefit from the study of economics that is relevant to their fields. Economics as a subject by itself is constantly expanding as well. There is mainstream economics, applied economics, positive economics and normative economics. Economics is also studied in combination with other subjects. For example, you could study, economics and law, economics of natural resources, economic and geography, culture and economics etc. When economics is studied in this manner, it is with respect to main subject itself. Economics is a vital part of most fields of study.