Social Science, Microeconomics and Macroeconomics - Essay Example

Economics has been called and is known as a Social Science one that focuses on the subject matter that is concerned with the fair distribution, proper level of production, and the overall consumption of various Goods( products and services).

It is estimated that the history of Economics can be divided up into three distinctive eras, the first era is named, the pre-modern era, the second era is named the early modern era, and the third and final period is named the modern era of economics. Regardless of that though the three eras are not very important as it has been observed that the systematic theory the most advances have been made with the advent or let's say the birth of the modern era. The complete amount of credit for the development in this field can be attributed as it is seen through history to the late Scholastics and to be more specific the development can be attributed to the finding and contribution, rather than to the overall overdone study of economics to the Scholastics of the 15th and 16th century Spain.

Economics has been defined in many ways some say it’s the measurement of cost and production concerning actual consumption, some say it’s level of production concerning the distribution, and some even say that economics generally refers to the developmental area of a country however one very specific definition that sort of does complete justice in explaining Economics is that one which calls economic that science that studies that human behavior as a relationship that occurs between the ends and the scarce means a those could have alternative uses. The word scarce here generally holds the meaning that the productivity or the availability of a certain resource is insufficient enough to fulfill the complete needs of the people.

ECONOMICS
Economics has two very mainstream branches which are generally known as Microeconomics and Macroeconomics. The two branches are used variously concerning what they deal with. There is also positive economics which deals with the aspects of “what is” and then there is normative economics which deals with the opposite of positive economics and that is with the “what should be” or the “what ought to be’ aspects in the economy.

MICROECONOMICS
Microeconomics is generally that branch of economics that deals with or sort of examines the behavior or the role that various agents play within the field that affect the overall economy. Those agents or effective components could be some of the following such as businesses, and households, they are studied to check their market interactions and their given scarcity, and their abilities to regulate within a government. The general equilibrium theory goes across all the markets and views their movement and their effort toward attaining equilibrium.

MACROECONOMICS 
Macroeconomics examines an economy as a whole top-down" to explain the levels and interactions of broad aggregates such as national income and output, employment, and inflation and sub-aggregates like total consumption and investment spending and their components, including effects of monetary policy and fiscal policy. Since at least the 1960s, macroeconomics has been characterized by further integration of micro-based modeling of sectors, including rationality of players, efficient use of market information, and imperfect competition.[1] This has addressed a long-standing concern about inconsistent developments of the same subject.[2] Analysis of long-term determinants of national income across countries has also greatly expanded. Read More