Some production generates pollution – for example, power station emissions can cause acid rain and also

contribute to global warming. Household consumption decisions too affect the environment – for example,
more consumption can mean more waste sent to polluting incinerators or garbage dumps.

Financial economics is a branch of economics that analyzes the use and distribution of resources in markets
in which decisions are made under uncertainty. Financial decisions must often take into account future events,
whether those be related to individual stocks, portfolios or the market as a whole.

Health economics is used to promote healthy lifestyles and positive health outcomes through the study
of health care providers, hospitals and clinics, managed care and public health promotion activities. with issues
related to efficiency, effectiveness, value and behavior in the production and consumption
of health and healthcare. In broad terms, health economists study the functioning of healthcare systems
and health-affecting behaviors such as smoking.

History of economic thought. The history of economic thought concerns thinkers and theories in the field
of political economy and economics from the ancient world right up to the present day

Aristotle the ancient Greek philosopher, grappled with the "art" of wealth acquisition, and whether property is
best left in private, or public, hands in his works on politics and ethics. In medieval times, scholars like Thomas
Aquinas argued that it was a moral obligation of businesses to sell goods at a just price. Economic thought
evolved through feudalism in the Middle Ages to mercantilist theory in the Renaissance, when people were
concerned to orient trade policy to further the national interest. The modern political economy of Adam
Smith appeared during the industrial revolution, when technological advancement, global exploration, and
material opulence that had previously been unimaginable was becoming a reality.
Following Adam Smith's Wealth of Nations, classical economists such as David Ricardo and John Stuart
Mill examined the ways the landed, capitalist, and laboring classes produced and distributed national riches.
Industrial economics is the study of competitive and monopoly conditions as they may affect market
outcomes. An assessment of the field now is timely.
It looks at firms of all sizes – from local corner shops to multinational giants such as WalMart or
Tesco. And it considers a whole range of industries, such as electricity generation, car production,
and restaurants.
International economics is a field of study which assesses the implications of international trade in goods
and services and international investment. There are two broad sub-fields within international
economics: international trade and international finance

Trade, currencies, monetary policy, comparative advantage

Labour economics, study of the labour force as an element in the process of production. The labour force
comprises all those who work for gain, whether as employees, employers, or as self-employed, and it includes
the unemployed who are seeking work.

Law and Economics. The law and economics movement applies economic theory and method to the
practice of law. It asserts that the tools of economic reasoning offer the best possibility for justified and
consistent legal practice. It is arguably one of the dominant theories of jurisprudence.

Public economics (or economics of the public sector) is the study of government policy through the lens
of economic efficiency and equity.

Urban and regional economics is the study of urban areas or regions based on the consideration of space,
transportation cost, and location in production and consumption decisions. This field includes a wide variety of
topics, including the migration of labor, the macroeconomic activity in communities, cities, counties and states,
and the location choices of firms
The scope of economics is broad subject and encompasses not only its
subject matter but also various other things. It includes in the subject matter of
economics, whether economics is a science or an art and whether it is a
positive or a normative science, also its ability to pass value judgments, and to
suggest solutions to practical problems.

Macroeconomics is also known as income theory or aggregative economics.

It is the field of economics that studies the behaviour of the economy as a
whole. It deals with National income, total employment in economy,
aggregate decisions, overall price levels, aggregate demand and supply and
etc.,.

Microeconomics analyses specific economic units (households, firms and

government) in making decisions on the allocations of scarce resources. It
deals with individual income, demand and supply of labor, households and
firms decisions, individual prices, demand and supply of goods

GIZ assists its partner countries in improving their economic framework conditions and
establishing suitable promotional structures.

Behavioral Economics is the study of psychology as it relates to the economic decision-making

processes of individuals and institutions.
Much of the work
Choice overload
Anchoring

Economic development is the process by which a nation improves the economic, political, and social
well-being of its people. Economic development has a direct relationship with
the environment and environmental issues. Economic development is very often confused with industrial
development, even in some academic sources.
Poverty

Economic history is the study of economies or economic phenomena of the past. Analysis
in economic history is undertaken using a combination of historical methods, statistical methods
and the application of economic theory to historical situations and institutions.
we can better understand how certain policies will affect the economy. For example, if we are faced with
near-zero interest rates and the economy is doing poorly, we now know that it would be a bad idea to
keep lowering rates. Our evidence is Japan’s experience during the 1990s. In the 90s, Japan attempted
to keep lowering near-zero rates, but the economy didn’t improve because interest rates couldn’t be
lowered enough to make a difference in people’s decisions to spend. We can use historical examples to
learn from our mistakes.

Comparative economic systems is the subfield of economics dealing with

the comparative study of different systems of economic organization, such as
capitalism, socialism, feudalism and the mixed economy.
Pros and cons

Econometricians use econometrics to measure things such as gross domestic

product, inflation, or to predict changes in the economy. Their models often forecast
key economic measures and then compare those forecasts with actual results.
There are two kinds of econometrics: applied and theoretical. Applied econometrics
tends to focus on consumer behavior and predictive models of how
something will respond to specific changes in something else (for example, what
plane ticket prices will be in Detroit if United Air Lines stops flying there).
Theoretical econometrics uses statistical methods such as regression analyses,
probability, and frequency distributions to model how well economic models work or
don't work.

Environmental economics is an area of economics dealing with the relationship

between the economy and the environment. Environmental economists study
the economics of natural resources from both sides - their extraction and use, and
the waste products returned to theenvironment.