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                     ECONOMICS
What is Economics
Economics is the social science that studies the 
production, distribution, and consumption of 
goods and services. Economics focuses on the 
behavior and interactions of economic agents 
and how economies work.
Introduction to 
Economics
Economics is not an easy subject to deal with. Economics 
is a wide variety of subject that has various aspects of 
economy which includes estimating various things such 
as calculating the national income of a country, 
managing the production, distributing, and consumption 
of goods and services. Economics have been segregated 
into two broad categories namely macroeconomics and 
microeconomics. While it can be said that 
microeconomics deals on the industry and firm level and 
takes care of their level of problem
Types of Economies
 Four Types of Economies
Traditional Economic System
Command Economic System
Market Economic System
Mixed Economic System
Traditional Economic
The traditional economic system is the most traditional 
and ancient types of economies in the world. Vast 
portions of the world still function under a traditional 
economic system. These areas tend to be rural, second- 
or third-world, and closely tied to the land, usually 
through farming. In general, in this type of economic 
system, a surplus would be rare. Each member of a 
traditional economy has a more specific and pronounced 
role, and these societies tend to be very close-knit and 
socially satisfied. However, they do lack access to 
technology and advanced medicine.
Command Economic 
System
In a command economic system, a large part of the 
economic system is controlled by a centralized power. 
For example, in the USSR most decisions were made by 
the central government. This type of economy was the 
core of the communist philosophy.Since the government 
is such a central feature of the economy, it is often 
involved in everything from planning to redistributing 
resources. A command economy is capable of creating a 
healthy supply of its resources, and it rewards its people 
with affordable prices. This capability also means that 
the government usually owns all the critical industries 
like utilities, aviation, and railroad.
Market Economic 
System
In a free market economy, firms and family units act in 
personal circumstance to decide how assets get 
distributed, what products get delivered and who 
purchases the merchandise. This is inverse to how an 
order economy functions, where the focal government 
gets the opportunity to keep the profits. There is no 
administration mediation in an unadulterated market 
economy ("free enterprise"). Be that as it may, no really 
free market economy exists on the planet. For instance, 
while America is an entrepreneur country, our 
administration still manages (or endeavors to control) 
reasonable exchange, government programs, legit 
business, imposing business models, etc
Mixed Economic 
System
A mixed economy is a combination of different types of 
economic systems. This economic system is a cross 
between a market economy and command economy. In 
the most common types of mixed economies, the market 
is more or less free of government ownership except for 
a few key areas like transportation or sensitive industries 
like defense and railroad.However, the government is 
also usually involved in the regulation of private 
businesses. The idea behind a mixed economy was to 
use the best of both worlds – incorporate policies that 
are socialist and capitalist.
Economics 
help 
Meaning Of Economics
   Economics is a social science and the term is 
derived from the Greek word “oikonomia” with 
oikos, meaning "house" and nomos, meaning 
"custom". It is a subject that is very vast and 
needs vast understanding of all the concepts 
in order to apply the ideas in the practical 
problems and understand the subject more 
deeply. Broadly Economics is divided into two 
categories: Microeconomics and 
Macroeconomics.
Topic Of Economics
     Micro Economics
     Macro Economics
     Managerial Economics
     International Economics
     Econometrics
     Public Economics
     Environmental Economics
     Industrial Economics
     Political Economics
Micro Economics
    Micro Economics: Microeconomics is a branch 
of economics that studies the behavior of 
individuals and firms in making decisions 
regarding the allocation of scarce resources 
and the interactions among these individuals 
and firms.
Macro Economics
    Macro Economics: Macroeconomics is a 
branch of economics dealing with the 
performance, structure, behavior, and 
decision-making of an economy as a whole. 
This includes regional, national, and global 
economies
Managerial Economics
   Managerial economics deals with the 
application of the economic concepts, 
theories, tools, and methodologies to solve 
practical problems in a business. In other 
words, managerial economics is the 
combination of economics theory and 
managerial theory.
International Economics
   International economics is a field concerned 
with economic interactions of countries and 
effect of international issues on the world 
economic activity. It studies economic and 
political issues related to international trade 
and finance.
Econometrics
  Econometrics is the application of statistical 
methods to economic data in order to give 
empirical content to economic relationships. 
More precisely, it is "the quantitative analysis 
of actual economic phenomena based on the 
concurrent development of theory and 
observation
Public Economics
   Public economics is the study of government 
policy through the lens of economic efficiency 
and equity. Public economics builds on the 
theory of welfare economics and is ultimately 
used as a tool to improve social welfare
Environmental 
Economics
   Environmental economics is a sub-field of 
economics concerned with environmental 
issues. It has become a widely studied topic 
due to growing environmental concerns in the 
twenty-first century. Quoting from the National 
Bureau of Economic Research Environmental 
Economics program
 Industrial Economics
   Industrial Economics is the study of firms, 
industries, and markets. It looks at firms of all 
sizes – from local corner shops to 
multinational giants such as Wal Mart or 
Tesco. And it considers a whole range of 
industries, such as electricity generation, car 
production, and restaurants
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