Ekonomika

Ekonomika, in several languages, is the term for economics, the social science concerned with how people manage scarce resources to satisfy needs and wants. It studies the production, distribution, and consumption of goods and services, and analyzes how individuals, firms, and governments make choices under constraints.

It is typically divided into microeconomics, which examines individual decision making and markets, and macroeconomics, which looks at aggregate indicators such as GDP, inflation, unemployment, and monetary and fiscal policy.

Subfields include econometrics, labor economics, development economics, international economics, environmental economics, behavioral economics, and industrial organization.

Analytical methods combine theoretical models with empirical analysis, using mathematics, statistics, and data. Computational methods and experiments are increasingly common.

Historically, economics emerged from classical political economy with Adam Smith and later evolved through marginalism and formalization by economists such as Walras, Marshall, and Keynes, culminating in modern econometric and computational approaches.

Economics informs policy and business decisions on issues such as growth, inflation, unemployment, taxation, trade, and regulation, while also engaging debates about efficiency versus equity and the appropriate role of markets.

In many languages, including several Slavic and Baltic tongues, the term Ekonomika denotes either the discipline of economics or the study of an economy, and may appear in academic and professional titles.

Limitations include model simplifications, measurement challenges, and value judgments that influence interpretation.