7 Characteristics of Economics

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. A focus of the subject is how economic agents behave or interact and how economies work. Consistent with this, a primary textbook distinction is between microeconomics and macroeconomics. Microeconomics examines the behavior of basic elements in the economy, including individual agents (such as households and firms or as buyers and sellers) and markets, and their interactions. Macroeconomics analyzes the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy. (Wikipedia)

• Economics asks what goods and services will be produced, how goods and services are produced, and for whom goods and services are produced.
• Economics to analyze every movement and changes in the overall economy, such as the trend in prices, production, unemployment, and domestic and foreign trade.
• Studied economics trade among countries, explains why countries export certain commodities and importing other commodities, studied the effect of national restrictions on trade.
• Economics as the study of how people choose the option of using a variety of resources are limited or scarce, such as labor, machinery and equipment, money to produce various commodities (food, clothing, housing and distribution to various groups who will use or consume them.
• Economics is the study of money, banking, capital and wealth.
• Economics is a discipline with regard to efficiency, the allocation of scarce resources to achieve maximum satisfaction.
• Economics is the study of the production and distribution of all scarce resources, in the form of goods or services that are concrete or abstract nature of goods to meet the needs of individuals and groups in society.

The economic principle is a guideline for action contained therein economic principles with certain sacrifices to obtain maximum results. The economic principle is the smallest sacrifice to obtain a particular result, or with certain sacrifices to obtain maximum results.