Economics is usually divided into the
disciplines of microeconomics, studying
individual producers, consumers or markets,
and macroeconomics, studying whole economies
or systems. These spheres often overlap.
Straddling both spheres is the sub-discipline
of econometrics, which analyses economic
relationships using mathematical and
statistical techniques. Increasingly
sophisticated econometric methods are used
for such topics as economic forecasting.
Economics aims to be either positive,
presenting objective and scientific
explanations of how an economy works, or
normative, offering prescriptions and
recommendations on what should be done to
cure perceived ills. However objective the
aim, value judgements are usually involved
when economists present particular
formulations.