What is Economics?

Economics cares about the creation, consumption, and transfer of wealth. The study of economics encompasses the main areas of microeconomics, which explores how people and firms produce and consume goods and services, and macroeconomics, which explores mass economic progress and inter-country trade. Economic methods could also be wont to study all types of issues, from land and other natural resources use, to what proportion people should work, to the way to develop human capital through education. Economics can provide insights in areas as diverse as how workers should be rewarded, how government should conduct fiscal and monetary policy, and the way health care markets work.

The basic theoretical and statistical tools of economics are applied to virtually every field of human endeavor. Major fields of study within economics include Behavioral Economics, Development, Econometrics, Economic History, Financial Economics, Industrial Organization, International Economics, Labor Economics, Macroeconomics, Mathematical Economics, Political Economics, Public Economics, theoryand concrete Economics.