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Economics, generally, is the study of social sciences that deals with the distribution, production, and consumption of services and goods. It majorly talks about how the government, individuals, or a certain business make the choices of using the resources effectively. It discusses the usage of the incentives for future years as well.
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Economics is a vast field of study that comprises various branches or subsets. Majorly, it is divided into two main components, microeconomics and macroeconomics. But contrary to it, it bears several other studies within itself. Following are some sub branches of economics discussed in detail:
Microeconomics: This field of economics talks about the distribution of resources among individuals, consumers, groups of consumers, or firms. Moreover, it also optimizes the behavioral growth of the economical games while maintaining a profit.
Macroeconomics: The study deals with the structure, performance, behavior, and decision making of the economy as a whole. Large scale economic factors like interest rates and natural productivity fall under this category.
International Economics: International economics mainly comprises the international forces that join together to influence the domestic economical factors. It also tries to work on the economical relationship of several countries. Simply, it highlights the economic interdependence Between the countries.
Public Economics: It is the study of government policy that works in favor of economical equity and efficiency. In simpler words, it’s the economics of the public sector. It is majorly built on the theory of welfare. Hence, it works for social welfare.
Industrial Economics: Industrial economics deals with the maintenance of the economical problems of firms and industries. Moreover, it also tries to shape the relationship with societal factors.
Financial Economics: All the monetary activities that revolve around an organization or group of industries fall under this category. It deals with the co-existence of different financial variables like interests, rates, prices, shares, etc.
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