Economic history is mainly the study of past economies. It combines historical and statistical methods along with the application of economic theory to different times in history and to various institutions. While it primarily includes financial and business history, some of it overlaps with social history which helps us get an insight to the changing behaviors of the consumers and sellers.
Economics may be a fairly modern term, but it goes back into ancient times when sales and purchase of items had begun to take place. It was either in the form of barter system or through purchases made in kind.
Once a monetary system was in place, economics began to grow in significance and it gained a new perch when societies began to advance and stock exchanges began to grow.
Today humans live in a time when Economics has left a noticeable footprint in many aspects of our lives. The way in which the economies of countries strengthened and dwindled caused many livelihoods to get better or worse.
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