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The Key Areas Of Economics


Micro Economics: Micro refers to small, therefore this category deals with the economy at a small scale say, individual. It analysis individual choices and desire.It deals with market forces of demand and supply, production curve, consumer behavior to name few. In all, it gives a minuscule view of the economy.
Macro Economics: Macro refers to large, therefore this category deals with the economy as a whole. It analysis the impacts of choices on the economy as a whole.It deals with national income, consumption, inflation , unemployment, to name few. In all, t gives a aggregate view of the economy.
International Economics:I n the era of globalization, there are no boundaries for trade. Countries indulge into trade among themselves.There are tariff rate and quotes imposed by the sovereign nation on international trade to protect the interest of the local traders. There are many other national and international policy implications that impact the economy of the particular nation as well as the other entities. International Economics, thus studies, policies, opportunities and limitation on international trade.
Econometric: It is the mathematical and statistical application on the economics data.It gives empirical content to the economic data.It provides the quantitative analysis and draws inferences on the prevailing economic conditions.It has both Theoretical aspects, describing the statistical properties ,as well as applied aspect referring to how econometric procedures can be applied.
Managerial Economics: It is very important to understand the economic implications of the decision for the managers for the successful running of a business firm. Managerial Economics as a field of study describes the application of the economics concepts and theories to the managerial decision.
Health Care Economics: Economics as a field of study, deals with scarcity.Health Care Economics studies the scarcity prevalent in the Health Care Sector.It is the study of the Social Causes.
Business Economics: Business decisions have implication on economics and economic decision of government impact Business decision. The business economics studies the implication and analysis of microeconomics theories on the business.
Environmental Economics

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