According to wikipedia economics is defined as, “a social science that studies the production, distribution, and consumption of goods and services.”The study of economics is to look at the scarcity of resources and how those resources can form goods or services, better production and welfare and various issues that govern society.
What/How Does it Study?
Economics studies the production, distribution, and consumption of goods and services throughout an economy. It is broken into two general practices. Microeconomics which studies interactions between individuals and markets. Macroeconomics which studies economical systems as a whole.
Economist use various methods of statistical analysis, mathematical calculations, and computer programs such as State, Excel, Python, and others.
They use these methods to calculate trends and give recommendations on how to make the economy more efficient.
Relationship to Culture
Economics is a subject that is almost based upon the various trends and ideologies of cultures across the world. The cultural norms of society dictate values, patterns of consumption, and economic development.
