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Economics

Economics is the branch of knowledge that focuses on how to optimally make the limited resources of the world cater to the wants and needs of the people who live in it. It is a social science that deals with all aspects of goods, wealth and services, starting from their production and distribution and ending with their trade and consumption, both in the context of the individual and of society as a whole.

The two categories that generally comprise economics are microeconomics and macroeconomics. Although both function through measuring variables, they differ when viewed as small-scale as opposed to large-scale, or partial equilibrium as opposed to general equilibrium. Microeconomics is concerned with the behaviors and objectives of individual elements such as businesses and households. It seeks to understand these agents so as to understand their decision-making processes regarding resource allocation. Macroeconomics is concerned with examining societies in their entireties, examining their economies by way of indicators such as inflation, employment, gross national products, etc. The categories share tools and methodologies in that they are both based in gathering economic data, making models based on the data and then calculating statistics that accurately portray the results of the data and modeling.

Web Resources On Economics

What is Economics?
Wikipedia: Economics
Economics and Investing

Book Resources On Economics

Essentials of Economics by Bradley R Schiller
Basic Economics: A Citizens Guide to the Economy by Thomas Sowell

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