- "Economics is a social science that studies the production, distribution, and consumption of goods and services."
Economics is the study of how people and societies allocate scarce resources. Understanding economics is important for finance professionals to make informed decisions about investments, risk management, and financial forecasts.
Microeconomics: The study of economic behavior at the individual and market levels, including production, consumption, and distribution of goods and services.
Macroeconomics: The study of the broader economic system, including growth, inflation, employment, and trade.
International trade: The study of the exchange of goods and services between countries and the associated economic policies and relationships.
Finance: The study of the management of money, including financial institutions, investment, and corporate finance.
Econometrics: The application of statistical methods to economic data to determine cause-and-effect relationships.
Monetary economics: The study of the role of money and banking in the economy, including monetary policy and the use of credit and debt.
Behavioral economics: The study of the psychological factors that influence economic decision-making, such as biases, heuristics, and value judgments.
Public economics: The study of government policies and their effects on the economy, including taxation, public goods, and welfare programs.
Industrial organization: The study of market competition and how firms interact in markets, including pricing, advertising, and product differentiation.
Environmental economics: The study of the interactions between the economy and the environment, including natural resource use, pollution, and climate change.
- "Economics focuses on the behaviour and interactions of economic agents and how economies work."
- "Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions."
- "Individual agents may include, for example, households, firms, buyers, and sellers."
- "Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it."
- "Factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have an impact on these elements."
- "Positive economics, describing 'what is', and normative economics, advocating 'what ought to be'."
- "Between economic theory and applied economics." - "Between rational and behavioural economics." - "Between mainstream economics and heterodox economics."
- "Economic analysis can be applied throughout society, including business, finance, cybersecurity, health care, engineering, and government."
- "Crime, education, the family, feminism, law, philosophy, politics, religion, social institutions, war, science, and the environment."
- "The production, distribution, and consumption of goods and services."
- "Microeconomics analyzes individual agents and markets, while macroeconomics analyzes the economy as a whole."
- "Rational economics."
- "Behavioural economics."
- "Public policies that have an impact on these elements."
- "Business, finance, cybersecurity, health care, engineering, and government."
- "Economic analysis can be applied throughout society."
- "Employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have an impact on these elements."
- The paragraph does not mention specific economic theories falling under mainstream economics.
- "War, science, and the environment."