diverse field of economics

7/28/2019 Diverse Field of Economics

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Prepared by: Dionne Corte


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Comparative Economic Systems examines the ways alternative economic systems function.This talks about the advantages and disadvantages of different systems.

Econometrics applies statistical techniques and data to economicproblems in an effort to test hypotheses and theories.

Economic development focuses on the problems of low-income countries. This talksabout what can be done to promote development in thesenations. Important concerns of development economistsinclude population growth and control, provision for basic

needs, and strategies for international trade.


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Finance examines the ways in which households and firms actually payfor, or finance, their purchases. It involves the study of capitalmarkets (including the stock and bond markets), futures andoptions, capital budgeting, and asset valuation.

The History of Economic Thought which is grounded in philosophy, studies the development of economic ideas and theories over time, from Adam Smith in theeighteenth century to the works of economists such as ThomasMalthus, Karl Marx, and John Maynard Keynes. Becauseeconomic theory is constantly developing and changing, studyingthe history of ideas helps give meaning to modem theory andputs it in perspective.

Industrial Organization looks carefully at the structure and performance of industriesand firms within an economy. How do businesses compete? Whogains and who loses?


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International Economics studies trade flows among countries and international financialinstitutions. Talks about the advantages and disadvantages for acountry that allows its citizens to buy and sell freely in worldmarkets. Also why the dollar is strong or weak.

Labor Economics deals with the factors that determine wage rates, employment,and unemployment. It answers: How do people decide whetherto work, how much to work, and at what kind of job? How havethe roles of unions and management changed in recent years?

Law & Economics analyzes the economic function legal rules and institutions. Howdoes the law change the behavior of individuals and businesses?Do different liability rules make accidents and injuries more orless likely? What are the economic costs of crime?


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Public Economics examines the role of government in the economy. What arethe economic functions of government, and what shouldthey be? How should the government finance the services

that it provides? What kinds of government programsshould confront the problems of poverty, unemployment,and pollution? What problems does governmentinvolvement create?

Urban & Regional Economics studies the spatial arrangement of economic activity. Whydo we have cities? Why are manufacturing firms locatingfarther and farther from the center of urban areas?


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diverse field of economics

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