Economics is the social science that analyzes the consumption, distribution and production of services and goods. The term economics discover from the Ancient Greek (oikonomia, "management of a household, administration") from(oikos, "house") + (nomos, "custom" or "law"), therefore "rules of the house(hold)". Political economy was the initial name for the subject matter, but economists in the 19th century defined as 'economics' as a shorter term for 'economic science' that also avoided a slight political-interest connotation and same in form to 'ethics', 'mathematics' and so forth.
A focus of the subject is how economic agents act or interact and how economies work. Consistent with that, a primary textbook distinction is in between macroeconomics and microeconomics. Microeconomics evaluates the behavior of basic elements in the economy, adding individual agents (such as firms and households or as sellers and buyers) and markets, and their interactions. Macroeconomics analyzes the whole economy and issues affecting it, including inflation, unemployment, economic growth, and fiscal policy and monetary.
Other broad distinctions adds those between positive economics (describing "what is") and normative economics (advocating "what ought to be"); between applied economics and economic theory; between behavioral and rational economics; and in between mainstream economics (more "orthodox" and dealing with the "rationality-individualism-equilibrium nexus") and heterodox economics (more "radical" and dealing with the "institutions-history-social structure nexus").
Economic analysis can be applied throughout society, as in business, health care, finance and government, but also to such diverse subjects as education, crime, the family, law, politics, social, religion, institutions, science and war. At the turn of the 21st century, the increasing area of economics in the social sciences has been known as economic imperialism. An growing number of economists have known for increased emphasis on environmental sustainability; this region of research is called as Ecological economics.