Economics? What does it mean in English ? What science is it ?

The theme:Economics .

Questions on the topic

1. 
   How can we translate the word ECONOMICS? What does it mean in English ?
   
2. 
   What science is it ?
   
3. 
   How many disciplines does it consist ?
   
4. 
   What is microeconomics?
   
5. 
   What is macroeconomics ?
   

Answers

1. 
   Economics- is the social science that studies the production, distribution, and consumption of goods and services, or study of choice under conditions of scarcity
   
2. 
   Social science
   
3. 
   Normative(which describes the question what should be?) and positive(which describes: What is?)
   
4. 
   Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions.
   
5. 
   Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements.