ISSN: 1758-1907

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Economics-Polices-Research-Articles

Economics is that the science that studies the assembly , distribution, and consumption of products and services. Economics focuses on the behaviour and interactions of economic agents and the way economies work. Microeconomics analyzes basic elements within the economy, including individual agents and markets, their interactions, and therefore the outcomes of interactions. Individual agents may include, for instance , households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic process , and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what need to be"; between theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics. Economic systems is that the branch of economics that studies the methods and institutions by which societies determine the ownership, direction, and allocation of economic resources. An financial system of a society is that the unit of study . Among contemporary systems at different ends of the organizational spectrum are socialist systems and capitalist systems, during which most production occurs in respectively state-run and personal enterprises. In between are mixed economies. a standard element is that the interaction of economic and political influences, broadly described as economics . Comparative economic systems studies the relative performance and behavior of various economies or systems.        

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