2006-09-19 07:22:40 · 5 answers · asked by Sweet 1 in Social Science ➔ Economics
i know theres a few already but theyve left a bit out...
economics: is the study of the allocation of SCARCE resources and how they are used to satisfy UNLIMITED wants, i know it sounds vague but its the only definition that gets everthing in.
macro economics: is the study of broad aggregates behavior in an economy, vague again i know, aggregates being big things like consumption, national income etc..
micro economics: is the study of individual units in the economy, such as a business, the supply and demand of a single product.
micro- 1 thing, macro- everything
2006-09-20 00:32:09 · answer #1 · answered by marco_syco 2 · 0⤊ 0⤋
There is no good definition of economics, just as there is no good definition of any broad discipline. Whatever definition you come up with, there will always be a branch of a discipline that would not conform to that definition. For example, economics is often defined as the study of the production, distribution, and consumption of goods and services. This definition would lead you to believe that financial economics is not a branch of economics, although it clearly is, and that production engineering is a branch of economics, although it clearly isn't.
A better way to define a discipline is through outlining typical problems it attempts to solve. Microeconomics studies prices and profits within a particular industry (i.e., on a micro level). Macroeconomics studies national income, employment, and inflation within a particular nation (i.e., on a macro level).
2006-09-19 14:42:38 · answer #2 · answered by NC 7 · 0⤊ 0⤋
Economics is the study of supply and demand and the price of commodities (including currency, labor, materials, finished goods, etc.) Macro-economics is at the national level, while micro-economics is at the company level.
2006-09-19 14:32:03 · answer #3 · answered by Scott K 7 · 0⤊ 0⤋
Economics is the study of production, distribution and consumption of wealth.
Micro studies the about a unit, i.e about a company or sector of economy, whereas Macro is the study of the economy as a whole.
2006-09-19 15:28:34 · answer #4 · answered by salcsan 3 · 0⤊ 0⤋
ECONOMICS - Economics, social science concerned with the production, distribution, exchange, and consumption of goods and services.
MACROECONOMICS - study of the economics as a whole..
MICROECONOMICS - study of economics by parts..
2006-09-20 05:41:18 · answer #5 · answered by michaella 2 · 0⤊ 0⤋