Economics is the social science that describes the factors that determine the production,

distribution and consumption of goods and services.

The term economics comes from the Ancient Greek from (oikos, "house") and
(nomos, "custom" or "law"), hence "rules of the house (hold for good management)".[1]
'Political economy' was the earlier name for the subject, but economists in the late 19th century
suggested "economics" as a shorter term for "economic science" to establish itself as a separate
discipline outside of political science and other social sciences.[2]

Economics focuses on the behavior and interactions of economic agents and how economies
work. Consistent with this focus, primary textbooks often distinguish between microeconomics
and macroeconomics. Microeconomics examines the behavior of 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 entire economy (meaning aggregated production, consumption,
savings, and investment) and issues affecting it, including unemployment of resources (labor,
capital, and land), inflation, economic growth, and the public policies that address these issues
(monetary, fiscal, and other policies).

BRANCHES OF ECONOMICS

The two main branches of economics are microeconomics and macroeconomics.

Macroeconomics is about the economy in general. For example, if a country's wealth goes up or
if millions of people become unemployed, those are things that macroeconomists study.
Microeconomics is about smaller and more specific things such as how families and households
spend their money.

There are a number of other branches of economics:

Behavioral economics
Business economics
Constitutional economics
development economics
ecological economics
economic geography
environmental economics
energy economics
financial economics
industrial economics
information economics
international economics
labor economics
managerial economics
mathematical economics or econometrics
resource economics
 urban economics
public economics
descriptive, theoretical and policy economics
monetary economics

10 PRINCIPLES OF ECONOMICS

Gregory Mankiw in his Principles of Economics outlines Ten Principles of Economics that we
will replicate here, they are:

1. People face tradeoffs

2. The cost of something is what you give up to get it
3. Rational people think at the margin
4. People respond to incentives
5. Trade can make everyone better off
6. Markets are usually a good way to organize economic activity
7. Governments can sometimes improve market outcomes
8. A country's standard of living depends on its ability to produce goods and services
9. Prices rise when the government prints too much money
10. Society faces a short-run tradeoff between Inflation and unemployment