Political economy is the study of economic phenomena and human behavior to meet their own needs under conditions of scarcity.
The main branches of political economy are microeconomics and macroeconomics.
- Microeconomics. Microeconomics is the study of the economy from the perspective of the individual economic operator (business, family, consumer).
- Macroeconomics. Macroeconomics is the study of economic phenomena from the point of view of aggregated categories of economic operators (companies, families, consumers, State).
Economic science is divided into many other specialized disciplines that study only specific areas of the economy. For example: economic history, history of economic thought, economic geography. industrial economy, environmental economics, public finance, economic policy, economic history, etc.