Applied fields of economics

There is a basic theory and facts in economics, in which all economists are interested. However, economics has some main applied fields that deal with specific topics, such as industrial economics, agricultural economics, economics of energy, economics of education, etc.

Industrial organization and structure are studied by industrial economics which also analyzes markets for manufactured goods as well as policies of various enterprises. The degree of concentration and barriers against new competitors in the market have already been analyzed by industrial economics for such important branches of economy as mining, gas, and oil industries.

The economics of energy is known as another important field of applied economics closely connected with industrial economies. A lot of energy has been used by the modern economy in recent decades. Farms, factories, plants, transportation as well as families have greatly increased the consumption of various sources of energy since new modern equipment and technologies were introduced.

In the past, wood and coal were used as the main sources of energy. Then these sources were replaced by gas and oil in most industries. However, in the 1970s energy sources became scarce and there was a rise in energy prices. Since that time serious adjustments have been made by industrial economies in order to cope with the energy scarcity.

For the last few decades the problems of energy economics have been discussed by specialists and governments in many countries. Regular meetings are held by the OPEC formed in order to regulate oil prices.

Vocabulary:

applied economics – прикладная экономика in recent decades – за последние десятилетия

to deal with- иметь дело adjustment - корректировка

as well as – а также to cope with - справиться