section_path: Branches/Economics
section_name: Economics
paragraph_text: Economics
  
  Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth. The word "economics" is from the Ancient Greek οἶκος (oikos, "family, household, estate") and νόμος (nomos, "custom, law"), and hence means "household management" or "management of the state". An economist is a person using economic concepts and data in the course of employment, or someone who has earned a degree in the subject. The classic brief definition of economics, set out by Lionel Robbins in 1932, is "the science which studies human behavior as a relationship between ends and scarce means which have alternative uses". Without scarcity and alternative uses, there is no economic problem. Briefer yet is "the study of how people seek to satisfy needs and wants" and "the study of the financial aspects of human behavior".
  
  Economics has two broad branches: microeconomics, where the unit of analysis is the individual agent, such as a household or firm, and macroeconomics, where the unit of analysis is an economy as a whole. Another division of the subject distinguishes positive economics, which seeks to predict and explain economic phenomena, from normative economics, which orders choices and actions by some criterion; such orderings necessarily involve subjective value judgments. Since the early part of the 20th century, economics has focused largely on measurable quantities, employing both theoretical models and empirical analysis. Quantitative models, however, can be traced as far back as the physiocratic school. Economic reasoning has been increasingly applied in recent decades to other social situations such as politics, law, psychology, history, religion, marriage and family life, and other social interactions.
  
  The expanding domain of economics in the social sciences has been described as economic imperialism.