The term economics is derived from the Ancient Greek οἰκονομία, from οἶκος (oikos), meaning ‘house’, and νόμος (nomos), meaning ‘custom’ or ‘law’. It is a social science which studies the factors which influence the production, distribution, and consumption of goods and services, otherwise known as the economy. Economics focuses on the behaviour and interaction of economic entities, and can be broken down into a wealth of different schools, divisions, and methods of analysis. However, the two primary distinctions are macroeconomics, the study of economies at large and their aggregate production, consumption, and investments; and microeconomics, the analysis and modeling of basic elements at work throughout an economy such as individual agents, markets, and their interactions.
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