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Economics: Overview, Types, and Economic Indicators

Economics is the social science that studies how individuals, businesses, governments, and nations allocate scarce resources to satisfy wants and needs. It can be broken down into microeconomics, which focuses on individual decision-making, and macroeconomics, which examines aggregate economic activity and performance. The document outlines different aspects of economics including types of economics, schools of economic thought, how economics relates to human behavior, key economic indicators, and different economic systems.

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47 views1 page

Economics: Overview, Types, and Economic Indicators

Economics is the social science that studies how individuals, businesses, governments, and nations allocate scarce resources to satisfy wants and needs. It can be broken down into microeconomics, which focuses on individual decision-making, and macroeconomics, which examines aggregate economic activity and performance. The document outlines different aspects of economics including types of economics, schools of economic thought, how economics relates to human behavior, key economic indicators, and different economic systems.

Uploaded by

pedro
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Economics: Overview, Types, and Economic

Indicators
By JIM CHAPPELOW
 Updated Jun 29, 2019
TABLE OF CONTENTS

 What Is Economics?
 Understanding Economics
 Types of Economics
 Schools of Economic Theory
 Economics and Human Behavior
 Economic Indicators
 Types of Economic Systems

What Is Economics?
Economics is a social science concerned with the production, distribution,
and consumption of goods and services. It studies how individuals,
businesses, governments, and nations make choices on allocating
resources to satisfy their wants and needs, trying to determine how these
groups should organize and coordinate efforts to achieve maximum output.

Economics can generally be broken down into macroeconomics, which


concentrates on the behavior of the aggregate economy,
and microeconomics, which focuses on individual consumers and
businesses.

KEY TAKEAWAYS

 Economics is the study of how people allocate scarce resources for


production, distribution, and consumption, both individually and
collectively.
 Two major types of economics are microeconomics, which focuses on
the behavior of individual consumers and producers,
and macroeconomics, which examine overall economies on a
regional, national, or international scale.

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