What are the three components of economics?

Answer 1

Business Firms

• Business firms represent another important component of an economy. Specialized fields of economics, such as industrial, business and managerial economics, study the actions and decisions of business and industry. In the economy, businesses produce goods and services, which they sell to consumers and governments. They then use the money they receive from the sale of goods and services to purchase other goods, such as materials and other inputs, from other firms, such as suppliers.

Markets

• Economic activity occurs within markets, defined by economists as mechanisms for bringing together buyers and sellers of goods and services. Mainstream economists view markets as the best method in which to organize economic activity and far preferable to having the economy directed by a central planning authority, such as a governmental body. Under the market economy, buyers and sellers are free to enter transactions and seek those that bring them the greatest benefit.

Government

• Although most economists prefer market economies to centrally planned, or government-directed, systems, they recognize that government has an important role in a modern economy. As an economic component, governments can affect market outcomes through public policy actions when the market on its own fails to allocate resources efficiently. Government also provides goods and services, such as national defense and law enforcement protection, which the market could not provide efficiently. Government also acts as a referee in the market system, providing a system of contract enforcement that ensures that open market transactions can occur.

Answer 2

There are many "parts."

Economics is the study of the choices people make under limited resources.

There is positive and normative economics. Positive describes the world as it is and normative describes how it should be.

There are agents-people in an economy, this can be broken down

-consumers

-firms

-government

there is a consumer choice theory, a firm production theory, government intervention policy, etc.

There is market theory which describes behavior of firms and consumers in different markets (competitive, monopolistic, oligopolistic, duopolistic, etc.)

There are studies of different types of economies(capitalism, command etc.).

Studies of currencies and exchange rates.

International trade.

Statistical analysis.

Studies of how the banking industry works and how the federal reserve interacts with the economy in order to achieve its targets goals.

There are so many more, and your question needs to be more detailed to get a better answer, I've given you the briefest of overviews.

Answer 3

Some components of an economy are the consumers and products available for the consumers. Another major part of an economy is currency.

Answer 4

Something of value (usually money or bartering) and a means and willingness of trading that for goods and/or services.

Answer 5

production, distribution, and exchange of wealth