Principles of Economic Science

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 faces different economic phenomena. Any of us works or studies, raises qualification, receives income, pays for services, turns to the market, monitors growth-price drop, etc. Therefore, the subject and functions of economic science are the study of an economic man, homo ecoonomics, his interests and actions relating to the sphere of the economic life of society.

Principles of economic science are based on the study of ways to make maximum use of limited resources, which include labor reserves and natural reserves, capital and other material values. Like other sciences, the economy appeals to a set of evidence and axioms used for analysis under specific conditions. But the national coloring economy can not have, just as there is, for example, American mathematics or English physics. After all, prices for goods and services are dictated by the ratio of supply and demand, the growth of income leads to a reduction in the consumed part of it and to an increase in the accumulated.

But the principles of economic science also have a significant difference from the basic provisions of natural and exact sciences. And this difference consists in the fact that economic science deals not with a single entity living in isolation on an uninhabited island, but with a member of a society in which there are traditions, the mentality has a national coloring, as, indeed, the political system. That is why the toolkit of an economist should have a national specificity.

The subdivision of economics is economic sociology, which combines the principles of sociology and economics. The goal of economic sociology is to unify the principles of the two sciences. The economy studies the sphere of production and consumption of groups of goods and services on the market, analyzes the supply and demand for certain types of goods and services, studies the economic behavior of the subject in society, and the movement of money and capital. And sociology develops models of behavior of different groups in this economic situation and explores economic forces that can influence the life of society. It is this science, combining the principles of economic science and the tasks of sociology, is called economic sociology.

Economic science is represented by two of its basic branches: microeconomics and macroeconomics.

The growth and development of any science is formed on the basis of the foundation laid in it by the founders and founders of this kind 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. Principles of microeconomics, as principles of economic science, are based on the study of laws and relations between entrepreneurs, between buyers and sellers, between the entrepreneur and the employee.

With the emergence and development of new forms of industrial and economic relations , a new science appeared in the 20th century - the macroeconomics. It is designed to study such phenomena in public relations, such as studying the inverse relationship between inflation and unemployment, between the growth rate of the EaP and the bank interest, between inflation and the depreciation of the domestic currency, etc. The study of the macroeconomic aspects of these aspects of human economic activity is required in order to be able to predict changes in the market situation, the likely measures of the government in different situations of changing economic equilibrium, and the direction of regulating the economy on a national scale.