Economics: Theories and Applied Principles

Economics is a social science which is concerned with the production, consumption and distribution of goods and services. The working of an economy and the interaction of economic agents are the key focus areas of economics. Economics has two major branches, macroeconomics and microeconomics. Macroeconomics deals with the structure, behavior, performance and decision making of an economy as a whole. Microeconomics analyses the interaction among individuals and firms in making decision regarding the allocation of scarce resources. It focuses on individual agents and markets. Some of the other areas of study within economics are positive economics, normative economics, applied economics, Keynesian economics, economic system, rational economics and behavioral economics. This book covers in detail some existent theories and innovative concepts of economics. From theories to research to practical applications, case studies related to all contemporary topics of relevance to this field have been included in this book. It will prove to be immensely beneficial to students and researchers in this field.