ECONOMICS is the social science that analyzes the production, distribution, and consumption of goods and services. Political economy was the earlier name for the subject, but economists in the latter 19TH century suggested ‘economics’ as a shorter term for ‘economic science’.
A focus of the subject is how economic agents behave or interact and how economics work. Consistent with this, a primary textbook distinction is between microeconomics and macroeconomics. Microeconomics examines the behavior of basic elements in the economy, including individual agents and markets, and their interactions. Macroeconomics analyzes the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy.
Economic analysis may be applied throughout society, as in business, finance, health care, and government, but also to such diverse subjects as crime, education, law, politics, social institutions, war, and science. At the turn of the 21ST century, the expanding domain of Economics in the Social Sciences has been described as economic imperialism.
The department provides theoretical knowledge on all these aspects through class room teaching, seminar and extension lectures etc.
Economists are employed as consultants and in industry, including banking and finance. Economists also work for various government departments and agencies, for example, the National Treasury, Central Bank or Bureau of Statistics.