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The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Applied microeconomics includes a range of specialized areas of study, many of which draw on methods from other fields. Economic history examines the evolution of the economy and economic institutions, using methods and techniques from the fields of economics, history, geography, sociology, psychology, and political science.
Macroeconomics is traditionally divided into topics along different time frames: the analysis of short-term fluctuations over the business cycle, the determination of structural levels of variables like inflation and unemployment in the medium (i.e. unaffected by short-term deviations) term, and the study of long-term economic growth.
A Bachelor of Economics (BEc or BEcon) [1] [2] is an academic degree awarded to students who have completed undergraduate studies in economics. Specialized economics degrees are also offered as a "tagged" BA (Econ), BS (Econ) / BSc (Econ), BCom (Econ), and BSocSc (Econ), or variants such as the "Bachelor of Economic Science".
Economists work in many fields including [1] academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess this information using advanced methods in statistical analysis, mathematics, computer ...
Education economics – study of economic issues relating to education, including the demand for education, the financing and provision of education, and the comparative efficiency of various educational programs and policies. Energy economics – broad scientific subject area which includes topics related to supply and use of energy in societies.
The study of economics are roughly divided into macroeconomics and microeconomics. [38] Today, the range of fields of study examining the economy revolves around the social science of economics, [39] [40] but may also include sociology, [41] history, [42] anthropology, [43] and geography. [44]
The welfare definition of economics is an attempt by Alfred Marshall, a pioneer of neoclassical economics, to redefine his field of study. This definition expands the field of economic science to a larger study of humanity. Specifically, Marshall's view is that economics studies all the actions that people take in order to achieve economic welfare.