Economics

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Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek oikonomia, “management of a household, administration”, from oikos, “house” and nomos, “custom” or “law”, hence “rules of the house(hold)”. 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. Economics is further divided into two subcategories: macroeconomics and microeconomics.

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