Branches of Economic 2026
Branches of Economic Economics is often described as the study of scarcity—the fundamental problem that human wants exceed the resources available to satisfy them. This pervasive reality forces individuals, businesses, and societies to make choices. Economics, therefore, is the social science that analyzes the production, distribution, and consumption of goods and services. To navigate the immense complexity of modern economies, the discipline has evolved into a structured tree of specialized branches, each offering a unique lens through which to understand choice, incentive, and outcome. This article maps the core and extended branches of economics, providing a comprehensive overview of this vital field. The Foundational Dichotomy: Microeconomics and Macroeconomics The most fundamental split in economics is between microeconomics and macroeconomics, distinguished primarily by their scale and focus. 1. Microeconomics: The Lens of the Individual Microeconomics zooms in on the behavior and interactions of individual economic agents—the atoms of the economic universe.…