Economics Theories And Practices

Economics is the social science that analyzes the production, distribution, and consumption ofgoods and services. Political economy was the earlier name for the subject, but economists in the late 19th century suggested “economics” as a shorter term for “economic science” that also avoided a narrow political-interest connotation and as similar in form to “mathematics”, “ethics”, and so forth. A focus of the subject is how economic agents behave or interact and how economies work. Consistent with this, a primary textbook distinction is between microeconomics and macroeconomics. This comprehensive presentation is of immense use to students, teachers, economists, researches and general readers.