What is economics? What role does economics play in your personal and organizations decisions? Give an example of the role of economics in decision making.© BrainMass Inc. brainmass.com July 17, 2018, 3:35 pm ad1c9bdddf
Economics is the social science that studies the production, distribution, and consumption of goods and services. Economics aims to explain how economies work and how economic agents interact. The primary textbook distinction between several classification of economics is between microeconomics, which examines the economic behavior of agents (including individuals and firms) and macroeconomics, addressing issues of unemployment, inflation, monetary and fiscal policy for an entire economy.
Microeconomics looks at interactions through individual markets, given scarcity and government regulation. It takes into account demand and supply concepts and determines optimal production quantities and prices. Market structures, such as perfect competition and monopoly, are examined as to implications for behavior and economic efficiency. General-equilibrium theory allows for changes in different markets and ...
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