2.

Economic Specializations
Economics is a discipline that covers virtually every area of human activity. When you decide where to buy lunch, when your father decides to save money for his daughter's education, when a company decides to migrate from the more workers, when a worker decides to migrate from the countryside to the city, and then the government decides to let the exchange rate depreciate: each of these is an economic decision. Individual economists often develop interests in specific types of economic decisions, and they become specialists in various fields of economics. The fundamental dichotomy in economic specializations is the division into microeconomics and macroeconomics. Microeconomics is concerned with the choices made by individual economic agents and with the behavior ( behaviour) of prices and quantities in market for specific goods or services. A consumer, a worker, and a firm are individual economic agents. The market for mangoes is a subject for microeconomics, as is the labor (labour)market. International trade is often considered to be a microeconomic field because the tools of microeconomics are used to analyze (analyse) the choices facing individual countries in world markets. Macroeconomics is concerned with the behavior of the economy at an aggregate level. Important issues that macroeconomists study include economic growth, the rate of inflation, the national unemployment level, and the level of the exchange rate. Most economists specialize more narrowly than just in microeconomists or macroeconomists. Popular fields of study include Economic Development, International Trade, International Finance, Labor Economics, Public Finance, Banking and the Financial Sector, the Economics of Education, Environmental Economics, and Health Economics. Related subjects include Accounting and Financial Analysis, Marketing, and Project Appraisal. Economics students always begin by studying microeconomic principles and macroeconomic principles to establish the foundation for more detailed study of their fields of interest. Accordingly, the next few articles will focus on the basics of micro and macro. With this foundation in place, we will be well-prepared to move on several particular fields.