SSC Economics Suggestion Question 2021-4

SSC Economics Suggestion Question 2021-4. 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 and markets, and their interactions. Macroeconomics analyzes the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy.

SSC Economics Suggestion Question 2021-4

Model Question No. 4

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, the administration”) from οἶκος (Oikos, “house”) + νόμος (nomos, “custom” or “law”), hence “rules of the house(hold)”.

Political economy was the earlier name for the subject, but economists in the late 19th century suggested: “economics” as a shorter term for “economic science” that also avoided a narrow political-interest connotation and as similar in form to “mathematics”, “ethics”, and so forth. Other broad distinctions include those between positive economics and normative economics between economic theory and applied economics; between rational and behavioral economics; and between mainstream economics and heterodox economics.

Economic analysis may be applied throughout society, as in business, finance, healthcare, and government, but also to such diverse subjects as crime, education, the family, law.

Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money. Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years.

Economics ranges from the very small to the very large. The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics. A microeconomist might focus on families’ medical debt, whereas a macroeconomist might focus on sovereign debt.

Economists have all kinds of jobs, such as professors, government advisors, consultants, and private sector employees. Using theoretical models or empirical data, they evaluate programs, study human behavior, and explain social phenomena. And, their contributions inform everything from public policy to household decisions.

Economics intersects many disciplines. Its applications include health, gender, the environment, education, and immigration. You can check out the field’s classification system (called JEL codes) for more topics that economists study.

Economics affects everyone’s lives. Learning about economic concepts can help you to understand the news, make financial decisions, shape public policy, and see the world in a new way.

If you are a student, you might be wondering about how much economists earn or how to apply to graduate school in economics. We have resources on everything from learning more about economics to preparing for a career in economics.

If you are a journalist, you might want research summaries and complimentary access to our journal publications — both reliable sources of current economic information.

If you are an educator, you might be looking for ways to make economics more exciting in the classroom, get complimentary journal access for high school students, or incorporate real-world examples of economics concepts into lesson plans. 

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