Economics as a science is a branch of social sciences. The economic reality is the object of economic science, which is divided into academic and applied.

Scientific economy is also called the economic theory - the science of how people and society choose the way of using limited resources.

Back in the IV century BC Xenophon wrote a book titled "Household Management", translated by Cicero into Latin. The universal acceptance, the term has received after it was consumed in the title of the work of John Stuart Mill.

Applied Economics studies the possibility of application of laws, theories, and proposals developed by economic theory directly to the operation of individual elements of economic systems.

As an independent science, economics was allocated in the XVIII century with the release of the book by Adam Smith “Inquiry into the Nature and Causes of the Wealth of Nations” (commonly called "The Wealth of Nations") in 1776.

Now economics is one of the most popular, useful and needed sciences; studying it is widely spread all over the world, especially in well developed countries. If you are taking a course of economics, you are required to make different types of assignments, write economics papers, conduct researches, make case studies, etc.

So, as you understand, Economics (Economic Theory) is a social science that studies the behavior in the areas of production, consumption, distribution and exchange. Economists analyze the ongoing processes in these areas and explore their implications for individuals, organizations such as businesses, and society as a whole.


On the scale of research economic science is divided into microeconomics, which studies the activity of firms, households, industries and separate states and macroeconomics, which studies the national economy as a whole. In recent years, the literature also uses the term "nanoeconomics" (examining the activity of individual economic agents), mesoeconomics (industries, regions), intereconomics (global economy) and megaeconomics (world economy).

In economics we use the standard methods of dialectic and logic. Scientific methods to study economic processes include methods such as: analysis and synthesis; induction and deduction; method of scientific abstractions. General ideological approach is materialist dialectics. Among the private methods are: graphic, statistics, mathematics, modeling, comparative analysis, economic experiment, comparisons and analogies.

Probably, while studying and writing different economics papers you will need to learn how to use all these methods. If you have any problems with making your assignment, our professionals can help you with that.