What is economics? What does economics study?

Economics is a social science that studies the production, distribution and consumption of products and services.

Economics focuses on the behavior of economic actors in the economic system and their interaction.

In modern times, economics textbooks usually divide this research into macroeconomics and microeconomics. Microeconomics studies the basic behavior of a society, including individual actors (such as individuals, companies, buyers or sellers) and their interaction with the market. On the other hand, macroeconomics analyzes the whole economy and its problems, including unemployment, inflation, economic growth, fiscal and monetary policies.

Economic analysis is also used in various other fields, including commerce, finance and government, but it also includes health, crime, education, law, politics, social structure, religion, war and science. By the beginning of 2 1 century, economics had been expanding its influence in all aspects of social sciences, which led some scholars to call it "economic imperialism" ironically.

References:

MIT OCW Economics Homepage Chinese Page Link