Branches of Economics


Branches of Economics

Economics is defined as social science which which helps to study economic activities. Economy has two main branches microeconomics and macroeconomics. But it is divided in many more, A few of them are

  • Microeconomics
    • Microeconomics is part of economics concerned with single factors and the effects of individual decisions.
    • Microeconomics is the study of what is likely to happen when individuals make choices in response to changes in incentives, prices, resources.
    • Microeconomics shows how and why different goods have different values, how individuals and businesses conduct and benefit from efficient production and exchange, and how individuals best coordinate and cooperate with one another.

  • Macroeconomics
    • Macroeconomics is the branch of economics that deals with the structure, performance, behavior, and decision-making of the whole, or aggregate, economy.

  • International economics
    • International Economics is an exciting and dynamic subject that equips students with the tools with which to tackle important real-world issues in this age of globalization and financial integration.
    • International economics is concerned with the effects upon economic activity from international differences 
    • International economics differences in productive resources and consumer preferences and the international institutions that affect them. 
    • International economics seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries, including trade, investment and transaction.
    • International Economics is the study of economic interactions between countries. 
    • It addresses many topical issues like how rapid growth of trade with China and India likely to affect the structure of production and wages in Europe and European union 

  • Development economics
    • Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. 
    • Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world's poorest countries.
    • Development economics deals with development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels

  • Public finance
    • Public finance is the study of the role of the government in the economy.
    • Public finance  is the branch of economics that assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones.
    • Public finance is the management of a country’s revenue, expenditures, and debt load through various government and quasi-government institutions. 
    • Public finance  guide provides an overview of how public finances are managed, what the various components of public finance are, and how to easily understand what all the numbers mean. 

  • Game Theory
    • Game theory is a major method used in mathematical economics and business for modelling competing behaviors of interacting agents.
    • Game theory is the study of the ways in which interacting choices of economic agents produce outcomes with respect to the preferences (or utilities) of those agents, where the outcomes in question might have been intended by none of the agents.

  • Experimental Economics
    • Experimental economics is the use of experimental methods to evaluate theoretical predictions of economic behaviors.

  • Behavioral Economics
    • Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. 
    • Behavioral economics differs from neoclassical economics, which assumes that most people have well-defined preferences and make well informed, self-interested decisions based on those preferences.

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