Economics is one of the social science that influence all human being. It describe the factors that determines the production, distribution, and consumption of goods and services. The term, “economics” come from the Ancient Greek words whose meaning is the rules of the house. Earlier it was called Political economy but after 19th century, it becomes only Economics. The main objective to teach economics is developing economic reasoning that can apply in the daily life as citizens, consumers, and workers. The subject handles the economic issues of any country and focus on the behavior and interaction of economic agents. Many Economists had given the definition of economics according to their view.
The most famous and cited definition is provided by the Alfred Marshall. He had given the definition in his textbook, “Principal of Economics” in 1890. The definition is, “Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man.”
Microeconomics and Macroeconomics are two main sub fields of the economics. Microeconomics branch of economics examines the behavior of basic elements in the economy that includes individual agents, markets, their interaction and outcomes such as firms, buyers, sellers, or household. Macroeconomics branch of the economics examines all economy activities that includes aggregated production, consumption, savings, and investments. Other then this, many other categories are also available such as positive economics, applied economics, normative economics, behavioral economics, and much more.
Today, different basic tools and techniques of economics and statistics are available that easily analyse the economic issues. To define the importance of economics in the human life,economics education starts from the school level. As economic life and the economy go through changes hence it becomes essential to provide ground education to the children. CBSE and ICSE both board has include the subject in the syllabus of class 11 and 12.
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