The study of economics is not only about business, but also about human behavior within existing structures of production, distribution, trade, and consumption of goods and services. As a science, it functions to predict and explain the consequences of choices made by consumers and producers. Economics is a quantified field of research depending on numerical methods of analysis.
Microeconomics studies individual agents, like households and businesses. Macroeconomics focuses on the economy as an entirety. Key concepts include supply, demand, competition, and pricing. The research and models derived from the study of economics help explain how families identify and evaluate resources in their decision-making processes.
Behavioral economics is an emerging field of study that focuses on application of scientific principles to human and social dimensions of decision making. Research questions seek to answer how consumer decisions impact pricing and the allocation of resources in a society.