answersLogoWhite

0


Top Answer
User Avatar
Wiki User
Answered 2012-09-21 18:52:02

The three general fields of Economics are:

Macroeconomics is the study of a group of individual economic agents in tandem deal with the condition of scarcity (e.g.) countries).

Microeconomics is the study of the interaction of individual economic agents deal with the condition of scarcity (e.g.) firms).

Mathematical economics deals with the application and analysis of mathematical and statistical methods to formulate and solve economic problems.

The branches of economics are Microeconomics and Macroeconomics.

Microeconomics - ("small" economics), which examines the economic behavior of agents (including individuals and firms) and;

Macroeconomics - ("big" economics), addressing issues of unemployment, inflation, monetary and fiscal policy for an entire economy.

macroeconomics n microeconomics

Some of the major branches of Economics are listed as under:

1. Microeconomics: This is considered to be the basic economics. Microeconomics may be defined as that branch of economic analysis which studies the economic behaviour of the individual unit, may be a person, a particular household, or a particular firm. It is a study of one particular unit rather than all the units combined together. The microeconomics is also described as price and value theory, the theory of the household, the firm and the industry. Most production and welfare theories are of the microeconomics variety.

2. Macroeconomics: Macroeconomics may be defined as that branch of economic analysis which studies behaviour of not one particular unit, but of all the units combined together. Macroeconomics is a study in aggregates. Hence it is often called Aggregative Economics. It is, indeed, a realistic method of economic analysis, though it is complicated and involves the use of higher mathematics. In this method, we study how the equilibrium in the economy is reached consequent upon changes in the macro-variables and aggregates. The publication of Keynes' General Theory, in 1936, gave a strong impetus to the growth and development of modern macroeconomics.

3. International economics: As the countries of the modern world are realising the significance of trade with other countries, the role of international economics is getting more and more significant

nowadays.

4. Public finance: The great depression of the 1930s led to the realization of the role of government in stabilising the economic growth besides other objectives like growth, redistribution of income, etc. Therefore, a full branch of economics known as Public Finance or the fiscal economics has emerged to analyse the role of government in the economy. Earlier the classical economists believed in the laissez faire economy ruling out role of the government in economic issues.

5. Development economics: As after the second world war many countries got freedom from the colonial rule, their economics required different treatment for growth and development. This branch

developed as development economics.

6. Health economics: A new realisation has emerged from human development for economic growth. Therefore, branches like health economics are gaining momentum. Similarly, educational economics

is also coming up.

7. Environmental economics: Unchecked emphasis on economic growth without caring for Natural Resources and ecological balance, now, economic growth is facing a new challenge from the environmental side. Therefore, Environmental Economics has emerged as one of the major branches of economics that is considered significant for sustainable development.

8. Urban and rural economics: Role of location is quite important for economic attainments. There is also much debate on urban-rural divide. Therefore, economists have realised that there should be specific focus on urban areas and rural areas. Therefore, there is expansion of branches like urban economics and rural economics. Similarly, regional economics is also being emphasised to meet the challenge of geographical inequalities.

There are many other branches of economics that form the scope of economics. There are welfare economics, monetary economics, energy economics, transport economics, demography, labour economics, agricultural economics, gender economics, economic planning, economics of infrastructure, etc.
The branches of economics are Microeconomics and Macroeconomics.

Microeconomics - ("small" economics), which examines the economic behavior of agents (including individuals and firms) and;

Macroeconomics - ("big" economics), addressing issues of unemployment, inflation, monetary and fiscal policy for an entire economy.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Loading...

Still have questions?

Related Questions

What are the sub-branches of economics that relies on fields of statistics and mathematics?

Some of the sub-branches of economics that rely on fields of statistics and mathematics are econometrics, transport economics, managerial economics and international economics.


What are the two branches of economics?

They are Macroeconomics and Microeconomics


What are the branches of home economics?

is the matebolic countries


Branches of economics?

The branches of economics are Microeconomics and Macroeconomics.Microeconomics - ("small" economics), which examines the economic behavior of agents (including individuals and firms) and;Macroeconomics - ("big" economics), addressing issues of unemployment, inflation, monetary and fiscal policy for an entire economy.


What is the 2 branches of economics?

Judicial branch and executive branch and legislative branch are the three branches


Relation of economic geography with economics and other branches of social science?

no relation......


Branches of social sciences related to sociology?

anthropology, economics, law, linguistics, etc.


What is the interrelationship of political science with other branches of learning?

Political science is a comprehensive study that is connected with other branches of learning. Some of these branches are history, economics, geography, sociology, philosophy and statistics.


What are the main branches of social science?

History, anthropology, psychology, economics, political "science" and sociology.


How is economics like science?

Economics like science in every single aspect as it uses computations and statistics in providing solutions to the economy. This is actually one of the branches of science.


What is it relationship between sociology and economics?

There is a close relationship between sociology and economics. As a matter of fact, both are considered to be branches of social sciences and they are dependent of each other.


What are the branches of agriculture and its definition?

There are many different branches of agriculture, and are too many to list here. However, some of these are agronomy, soil science, horticulture, and agricultural economics.


Branches of science that are related to economics?

Agronomy merges crop production and economics. It encompasses technologies and science used to improve plant production. All these activities should contribute to economic development.


Branches of social science?

anthropology,communication studies,economics,human geography,history,political science,psychology,sociology


What is the Meaning of each branches of agriculture?

Agronomy Animal Husbandry Horticulture Forestry Ranch and Management Agricultural Economics Agricultural Engineering


What are the branches of technology and livelihood education?

Technology and livelihood education is taught in secondary schools in the Philippines. The branches of technology and livelihood education are home economics, agri-fishery arts, industrial arts, and information and communication technology.


What are the 7 branches of social science?

There are eight; Anthropology, Communication Studies, Economics, Human Geography, History, Political Science, Psychology and Sociology.


Which two branches of government make economic policy?

The minister of finance and the minister of economics and trade mainly shape the economic policy of a country.


What are three studies that use ratios?

Physics, chemistry, biology, geography, geology, economics, psychology, sociology and many other branches of knowledge.


10 branches of social science?

the 8 branches of social science`1 anthropology2 communication studies3 economics4 human geography5 History6 political science7 psychology8 sociologyMr.jay a peralta have ah 8 branches of social science,,,!


What are the branches of science that are related to political science?

History Economics Philosophy Psychology Sociology Public Administration Law Business Administration Accountancy Engineering


What are the classifications of economics?

classification of economics 1-Applied economics 2-Theoretical economics i)Welfare economics ii)Positive economics(i-Micro economics,ii-Macro economics,iii-Mathematical economics)


Classification of economics?

classification of economics 1-Applied economics 2-Theoretical economics i)Welfare economics ii)Positive economics(i-Micro economics,ii-Macro economics,iii-Mathematical economics)


What is the subject matter of economics?

It is classified in two branches, namely micro & macro economics. Microeconomics studies behaviour of individual economic agent [Consure & Producer] in the market where as macroeconomics studies economy as a while & aggregate like national income, Price , level etc...


What has the author Frank Livesey written?

Frank Livesey has written: 'A textbook of core economics' -- subject(s): Economics 'Stage 1 economics' -- subject(s): Economics 'Dictionary of Economics' 'Economics' -- subject(s): Economics, Marketing, Problems, exercises 'A modern approach to economics' -- subject(s): Economics 'Economics (A.C.C.A.)' 'Economics for business decisions' -- subject(s): Managerial economics 'Economics (Marketing)' 'A textbook of economics' -- subject(s): Economics 'Objective tests in A Level economics' -- subject(s): Economics, Examinations, questions, Problems, exercises