What is the study of economics

Economics is the practical and theoretical science of the production and distribution of wealth. It is based around the system of the production, buying and selling of goods and services.

Economics ranges from the very small to the very large. The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics. A microeconomist might focus on families' medical debt, whereas a macroeconomist might focus on sovereign debt.