Glossary of Terms - Introduction to markets and market failure

Economics

A social science that deals with the production, consumption and distribution of goods and services; studies how people and societies allocate scarce resources to provide for unlimited human wants

Social Science

a group of academic disciplines dedicated to examining human behaviour and specifically how people interact with each other, behave and develop; within social sciences, we must create models due to subjectivity

Microeconomics

Studies individual economic units like consumers, households, and businesses, focusing on specific markets, supply and demand, and resource allocation to determine prices and outputs

Macroeconomics

Examines the economy as a whole, looking at broad indicators such as national income, inflation, unemployment, and overall economic growth.