Branches Of ECONOMICS

 Economics comprises of so many branches, new branch evolves day by day. The two major branches of Economics are:
1. Macroeconomics .
2. Microeconomics
 
Other branches of Economics are:

Nature Of ECONOMICS

Similar to definitions of economics, there are a number of controversial issues related to its nature. Some economists believed economics as a science, while other believed economics as a social science.
Let us now discuss the nature of economics as follows:

i. Economics as a Science:

Refers to the scientific nature of economics. Some economists believed that in economics, a problem is solved by adopting a scientific approach, which involves collecting and analyzing data and making related laws and theories For example, various economists examined the concept of employment and framed relevant theories, such as Say’s law, Pigou’s modifications, and Keynes theory of employment.
Economics is considered as a science because there are similarities between the problem solving process of economics and science. Apart from this, there is another controversial issue related to whether economics is a positive or normative science.
Positive science refers to the science that deals with the question of what is, while the normative science deals

Definition of ECONOMICS

TEN DEFINITIONS OF ECONOMICS

1. According to Harper (2001), Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία (oikonomia, "management of a household, administration") from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)".Current economic models emerged from the broader field of political economy in the late 19th century. A primary stimulus for the development of modern economics was the desire to use an empirical approach more akin to the physical sciences. (Clark, 1998).

2. Economics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business, finance and government, but also in crime, education, the family, health, law, politics, religion, social institutions, war, and science.