Individual agents may include, for example, households, firms, buyers, and sellers. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Įconomics focuses on the behaviour and interactions of economic agents and how economies work. Economics ( / ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) is a social science that studies the production, distribution, and consumption of goods and services.
