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The concept of economics. Economics It is a series of activities including consumption and production. They interact optimally to decide what to do with scarce resources. Economics is defined as a system applied to institutions and organizations whose quality of work is linked to the production of services and goods and their distribution in society. Another definition of economics is the approach that: focuses on organizations and sectors such as industry, finance, and trade in a region or country, and the country’s economy represents the value of the financial wealth achieved. From the industrial and commercial sectors.
History of economics The emergence of the concept of economic history can be traced back to the eighteenth century AD. Early economic historians focused on a range of economic sectors and areas, such as industry, trade, and economic development. The dominance of classical models in economics over economic thought, and this was accompanied by the emergence of Marxist thought, which enjoyed the same degree of attraction among European economic historians. In Germany in particular, economists are concerned with economic development and are keen to apply inductive rather than deductive economic models.
Branches of economics Economics studies many different fields of economics and relies in applying its research on two main branches of economics: Microeconomics: Microeconomics: Those who are interested in studying small and limited fields of economics and are keen to study the branches of economics. In small and limited economic fields. The process of tracking consumers, whether companies or individuals, and focusing on the process of making economic decisions based on the application of buying and selling products and services that fall within the company’s price range. Microeconomics is also concerned with determining the quantities of products produced and services provided. It is also concerned with studying data and information about demand and supply, and their impact on business decisions and spending.
Consumerism. [8] Macroeconomics: The branch of economics that targets market areas that operate on a large scale. Macroeconomics is the opposite of microeconomics, which focuses on influential consumer choices. About economics, but economics
Fields of economics Economics depends on a group of fields of study that it is interested in, and the following is information about the most important of them: [5] Money: It is one of the main fields and sub-fields of economics. ; The government's interest in money control is considered one of the oldest and most widespread government functions. In the eighteenth century AD, great attention was paid to the effect of the quantity of money on the level of prices and the volume of economic activity. In the nineteenth century AD, the quantity theory of money was known, which showed that any change in the money supply could not be absorbed unless the difference in the total price level was known. That is, the purchasing power of money, which causes changes in prices being linked to the money in circulation in a way that is directly proportional to the quantity.
