Economics
social science that studies the production, distribution, and consumption of goods and services
Economics () is a social science that studies the production, distribution, and consumption of goods and services.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as the basic elements of economies, including individual agents and markets, their interactions, and the outcomes of those interactions. Individual agents may include households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and investment expenditure interact; and the factors of production affecting them, such as: labour, capital, land, and enterprise, inflation, economic growth, and public policies that impact these elements. It also seeks to analyse and describe the global economy.
Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics.
Economic analysis can be applied throughout society, including business, finance, cybersecurity, health care, engineering and government. It is also applied to such diverse subjects as crime, education, the family, feminism, law, philosophy, politics, religion, social institutions, war, science, and the environment.
Definitions of economics
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics".
This brief starts where responsible research should: with the source description of “Economics” as social science that studies the production, distribution, and consumption of goods and services. Everything that follows is an evidence route, not borrowed authority.
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Vocabulary and entity names are the principal evidence signals here, because they determine the precision of every later search. The source revision retrieved here is dated Sep 21, 2026. The linked authority identifier is Q8134. The Library of Congress control number is sh85040850. 1 of 1 selected statements include explicit references; 1 carry qualifiers and 0 use preferred rank.
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This entry incorporates text from “Economics” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.