Economics is one of the sciences directly related to the practice of each person, that is, it is an empirical science. In their daily activities, each individual is faced with different economic phenomena. Each of us works or studies, improves our qualifications, earns income, pays for services, addresses the market, monitors the growth and fall of prices, etc. Therefore, the subject and functions of economic science are the study of an economic person, “homo ecoonomics”, his interests and actions relating to the sphere of economic life of society.
The principles of economic science are based on the study of methods for the most efficient use of limited resources, which include labor reserves and natural reserves, capital and other material values. Like other sciences, economics appeals to a set of evidence and axioms used for analysis in specific conditions. But the economy cannot have a national coloring, just as it does not happen, for example, in American mathematics or English physics. After all, prices for goods and services are everywhere dictated by the ratio of supply and demand, the growth of income leads to a decrease in its consumed part and to an increase in the accumulated.
But the principles of economic science also have a significant difference from the basic provisions of the natural and exact sciences. And this difference is that economic science does not deal with a separate entity living in isolation on an uninhabited island, but with a member of a society that has its own traditions, the mentality has a national coloring, as well as the political system. That is why the economist’s toolkit should be nationally specific.
The subsection of economics is economic sociology, combining the principles of sociology and economic science. The goal of economic sociology is to combine the principles of the two sciences. The economy studies the sphere of production and consumption of groups of goods and services in the market, analyzes the supply and demand for certain types of goods and services, studies the economic behavior of the subject in society, the movement of money and capital. And sociology is developing models of the behavior of different groups in a given economic situation and exploring economic forces that can affect society. It is this science, combining the principles of economic science and the tasks of sociology, called economic sociology.
Economic science is represented by its two basic industries: microeconomics and macroeconomics.
The growth and development of any science is formed on the basis of the foundation laid by the founders and founders of this type of science. Economics in this sense is no exception, and modern economic science is built on the theory of microeconomics, which was created by the great economists of the past. The principles of microeconomics, as the principles of economic science, are based on the study of laws and relations between entrepreneurs, between buyers and sellers, between an entrepreneur and an employee.
With the advent and development of new forms of production and economic relations in the 20th century, a new science appeared - macroeconomics. It is called upon to study such phenomena in public relations as the study of the inverse relationship between inflation and unemployment, between the growth rate of EaP and bank interest, between the growth of inflation and the depreciation of the domestic currency, etc. A macroeconomic study of these aspects of human economic activity is required in order to be able to predict changes in market conditions, probable government measures in different situations, changes in economic equilibrium, and directions of economic regulation on a state scale.