Economics can be described as all of the following:
Academic discipline - body of knowledge given to, or received by, a disciple (student); a branch or sphere of knowledge, or field of study, that an individual has chosen to specialize in.
Field of science - widely recognized category of specialized expertise within science, and typically embodies its own terminology and nomenclature. Such a field will usually be represented by one or more scientific journals, where peer reviewed research is published. There are many economics-related scientific journals.
Social science - field of academic scholarship that explores aspects of human society.
Branches of economics
Macroeconomics - branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets.
Microeconomics - branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources.
Policy mix - combination of a country's monetary policy and fiscal policy. These two channels influence growth and employment, and are generally determined by the central bank and the government (e.g., the United States Congress) respectively.
Robert Fogel and Douglass North won the Nobel Memorial Prize in 1993 for "having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change".