- (Economics) of or relating to an economy, economics, or finance: economic development; economic theories.
- (Commerce) Brit capable of being produced, operated, etc, for profit; profitable: the firm is barely economic.
- (Economics) concerning or affecting material resources or welfare: economic pests.
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Sep 11, 2020 · Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about...
Definition of economics. 1 a : a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services. b : economic theory, principles, or practices sound economics. 2 : economic aspect or significance the economics of building a new stadium.
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Economically it really is when the unit value of the currency is devalued through an increasing supply of money. The "popular" connotation of inflation has become the Consumer Price Index -- because it is more visible to people than the...
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Banking system is the structure, organization and regulation of money supply and interest rates. The U.S. banking system consist of 12 Federal Reserve Banks that regulate the activities of affiliated banks in their own districts The US, the...
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Localization (sometimes shortened to "l10n") is the process of adapting a product or service to a particular language, culture, and desired local "look-and-feel." Ideally, a product or service is developed so that localization is relatively...
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Economics is generally understood to concern behavior that, given the scarcity of means, arises to achieve certain ends. When scarcity ceases, conventional economic theory may no longer be applicable. (See affluent society.)
- Economics Isn't Just About Money
- What Are The Branches of Economics?
- What Are Some Examples of Economics?
- Why Do We Study Economics, and Why Is It Important?
- Who Are Some Famous Economists?
Though economics is widely associated with money, it also involves weighing different choices or alternatives, many of which do not involve monetary issues, according to the Library of Economics and Liberty. The organization notes that decisions you makeevery day can be considered economic choices – for example, whether it should be you or your roommate who cleans up, whether you should spend an hour a week volunteering for a worthy charity or send it money, or whether you should take a job so you can help support relatives or save for your future. In his 1932 book An Essay on the Nature and Significance of Economic Scienceformer London School of Economics professor Lionel Robbins features an all-encompassing economics definition that is still used today, according to the Library of Economics and Liberty. "Economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses," Robbins wrote.
In general, the goal of economics is to learn more about the choices people make to get what they want. Those who study economics generally study the production, distribution and consumption of various services and goods. Economics is divided into two main areas: microeconomics and macroeconomics. Macroeconomics looks at the economy on a larger scale. Some examples of potential issues that might be studied in macroeconomics include the factors that influence the wealth and GDP of a country, as well as trade imbalances and negotiations. Someone in this field may also look at reasons why countries enter a recession or a depression. In contrast, microeconomics looks at smaller and more specific issues in an economy. For example, people in this field might look at how families decide how to spend their money or how individual businesses operate.
Here are a couple of the most important applications of economics: Stock market: One of the biggest examples of economics is the stock market. The stock market is a place where people can buy and sell shares of publicly traded companies. There are stock markets in nearly every developed country on Earth. An economist studies the stock market, figuring out what makes it go up or down. Trade deals: Another key example of economics comes in the form of trade deals. When countries negotiate trade deals, they discuss import and export laws, tariffs and taxes. All of these considerations influence those countries' citizens.
Economics is important because it is the study of some of the most important resources on Earth. Many of these resources are scarce and are developed into commodities that can be distributed to different groups of people. Because people have a limited number of resources, the distribution of those resources is important. These resources impact the well-being of everyone on Earth, so economics is one of the most important social sciences.
One of the most famous economists in recent times is Stanford University's Kenneth Arrow. In 1972, he was awarded the Nobel Prize in economics for "pioneering contributions to general equilibrium theory and welfare theory." According to the Library of Economics and Liberty, Arrow, who died in 2017, did excellent work on the economics of uncertainty that remains a standard source for other economists. Other famous economistsin history include David Ricardo, Thomas Malthus, John Stuart Mill, Karl Marx, Alfred Marshall, John Keynes and Irving Fisher.
Jul 02, 2019 · Definition of Economics: The Study of Resource Use . Economics is the study of choices. Though some believe that economics is driven purely by money or capital, the choice is much more expansive. If the study of economics is the study of how people choose to use their resources, analysts must also consider all of their possible resources, of which money is but one.
In the 20th century, English economist Lionel Robbins defined economics as “the science which studies human behaviour as a relationship between (given) ends and scarce means which have alternative uses.” In other words, Robbins said that economics is the science of economizing.
Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing.
Economics (/ ɛkəˈnɒmɪks, iːkə -/) is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.
Jun 25, 2019 · Behavioral economics follows a psychology-based premise that people will make rational financial choices based on the information they find around them. Many will refer to this study as "what is"...
e Energy economics is a broad scientific subject area which includes topics related to supply and use of energy in societies.