economics Specifically, the production, distribution, and use of goods and services. [4]
Of urgency
The supply and demand model describes how prices vary as a result of the balance between product availability and demand.
Economics focuses on the behavior and interactions of economic agents and how the economy works. Microeconomics analyzes the basic elements in the economy including individual agents and markets, their interactions and interaction outcomes. Individual agents, for example, may include households, firms, buyers and sellers. Macroeconomics analyzes economics as a system where production, consumption, saving, and investment interactions, and the factors that influence it: Labour, capital, and employment of land resources, currency inflation, economic growth, and public policies affect these factors.
Other broad distinctions within economics include between positive economics, which define "what is", and normative economics, advocates "what should be". Between economic theory and applied economics; Between rational and behavioural economics. And between mainstream economy and heterodox economy.[5]
Economic analysis can be applied throughout society, in real estate, [6] business, [7] finance, health care, [8] engineering [9] and in government. [10] economic analysis sometimes applies to such diverse subjects as crime, education, [11] f