ECONOMIC HISTOTY

What is economic History?

What is economics
• In its most simple and concise definition, economics is the
study of how society uses its limited resources.
• Economics is a social science that deals with the production,
distribution, and consumption of goods and services.
Economics focuses heavily on the four factors of
production, which are land, labor, capital, and enterprise.
• These are the four ingredients that make up economic
activity in our world today and can each be studied
individually.
• Economics is split into the following two broad categories of
study:
• Macroeconomics - the branch of economics that studies the
overall working of a national economy.
• It is more focused on the big picture and analyzing things
such as growth, inflation, interest rates, unemployment, and
taxes.
• When you hear the government is raising interest rates or
that the national unemployment rate is 7.5%, you are
hearing about macroeconomic topics.
• Microeconomics - the branch of economics that studies
how households and businesses reach decisions about
purchasing, savings, setting prices, competition in business,
etc.
• It focuses at the individual level, while macroeconomics
looks at the decisions that affect entire countries and society
as a whole.
• It is easy enough to say that it is the study of the economic aspects
of societies in the past; the history of the economic use of
resources — land, labour and capital; or the examination of the
past performance of economies.
• One can try to impart a less impersonal flavour by claiming that it
is concerned with how people lived most of their lives, how many
were born and died, how they earned and spent, worked and
played.
• Such variants, however, reveal little more than the definition
which once said simply that it was the sort of history which
required a knowledge of economics (which is true)
• Economic history is the academic study
of economies or economic events of the past. ... They often
focus on the institutional dynamics of systems of production,
labor, and capital, as well as the economy's impact on society,
culture, and language.