Economics Essay Example | Topics and Well Written Essays - 500 words - 10

Economics - Essay Example Economics has been called and is known as a Social Science one that actually focuses on the subject matter that is concerned with the fair distribution, proper level production and the over all consumption of various Goods( products and services). It is estimated that the history of Economics can be divided up into three distinctive eras, the first era being named, the pre-modern era, the second era being named the early modern era, and the third and final time span being named the modern era of economics. Regardless of that though the three eras are not very important as it has been observed that the systematic theory the most advances have been made with the advent or let say the birth of the modern era. The complete amount of credit for the development in this field can be attributed as it is seen through history to the late Scholastics and to be more specific the development can be attributed to the finding and contribution, rather to the overall over done in the study of economic to the Scholastics of the 15th and 16th century Spain. Economics has been defined in many ways some say it’s the measurement of cost and production with reference to its actually consumption, some say it’s the level of production with respect to the distribution, some even say that economics generally refers to the developmental area of a country however one very specific definition that sort of does complete justice in explaining Economics is that one which calls economic that science that studies that human behavior as a relationship that occurs between the ends and the scarce means an those could have alternative uses. The word scarce here generally holds the meaning that the productivity or the availability of a certain resource is insufficient enough to fulfill the complete needs of the people. Economics has two very main stream branches those