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- DictionaryEc·o·nom·ics/ˌekəˈnämiks/
plural
- 1. the branch of knowledge concerned with the production, consumption, and transfer of wealth.
- 2. the condition of a region or group as regards material prosperity: "he is responsible for the island's modest economics"
Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) is a 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.
- Economy
The Babylonians and their city state neighbors developed...
- War
United States. The United States has a very complex history...
- Economics (Disambiguation)
Economics is a social science that studies the production,...
- Production (Economics)
Production is the process of combining various inputs, both...
- Agents
In economics, an agent is an actor (more specifically, a...
- Market (Economics)
On the other hand, macroeconomics (from the Greek prefix...
- Economy
- What Is Economics?
- Understanding Economics
- Microeconomics
- Macroeconomics
- What Is The Role of An Economist?
- What Are Economic Indicators?
- Economic Systems
- Schools of Economic Theory
- The Bottom Line
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Economics is a social science that focuses on the production, distribution, and consumption of goods and services. The study of economics is primarily concerned with analyzing the choices that individuals, businesses, governments, and nations make to allocate limited resources. Economics has ramifications on a wide range of other fields, including ...
Assuming humans have unlimited wants within a world of limited means, economists analyze how resources are allocated for production, distribution, and consumption. The study of microeconomics focuses on the choices of individuals and businesses, and macroeconomicsconcentrates on the behavior of the economy on an aggregate level. One of the earliest...
Microeconomics studies how individual consumers and firms make decisions to allocate resources. Whether a single person, a household, or a business, economists may analyze how these entities respond to changes in price and why they demand what they do at particular price levels. Microeconomics analyzes how and why goods are valued differently, how ...
Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole. Its primary focus is recurrent economic cyclesand broad economic growth and development. It focuses on foreign trade, government fiscal and monetary policy, unemployment rates, the level of inflation, interest rates, the growth of total pro...
An economiststudies the relationship between a society's resources and its production or output, and their opinions help shape economic policies related to interest rates, tax laws, employment programs, international trade agreements, and corporate strategies. Economists analyze economic indicators such as gross domestic product and the consumer pr...
Economic indicators detail a country's economic performance. Published periodically by governmental agencies or private organizations, economic indicators often have a considerable effect on stocks, employment, and international markets. They may predict future economic conditions that will move markets and guide investment decisions.
Five economic systems illustrate historical practices used to allocate resources to meet the needs of the individual and society.
Many economic theories have evolved as societies and markets have grown and changed. However, three disciplines of economics, neoclassical, Keynesian, and Marxian, have influenced modern society. The principles of neoclassical economics are often used as a framework to illustrate the virtues of capitalism, including the tendency of market prices to...
Economics is a branch of the social sciences focused on the production, distribution, and consumption of goods and services. Microeconomics is a type of economics that is concerned with the behavior of individual people and businesses, while macroeconomics considers broader trends affecting nations and larger economies. In the U.S., a number of key...
Economics is a social science that studies how people allocate scarce resources for production, distribution, and consumption. Learn about the two branches of economics, microeconomics and macroeconomics, and the key indicators and systems that measure and shape the economy.
Apr 19, 2024 · Economics is the social science that studies how people make choices under scarcity and how economies work. Learn about the history, branches, methods, and applications of economics from Britannica.
Below, we’ve provided links to short articles that illustrate what economics is and how it connects to our everyday lives. Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making.
- Introduction to FRED. Data is very important in economics because it describes and measures the issues and problems that economics seek to understand. A variety of government agencies publish economic and social data.
- The Problem of Scarcity. Think about all the things you consume: food, shelter, clothing, transportation, healthcare, and entertainment. How do you acquire those items?
- The Division of and Specialization of Labor. The formal study of economics began when Adam Smith (1723–1790) published his famous book The Wealth of Nations in 1776.
- Why the Division of Labor Increases Production. When we divide and subdivide the tasks involved with producing a good or service, workers and businesses can produce a greater quantity of output.
Learn how to define economics as a social science that examines how people choose among the alternatives available to them. Explore the concepts of scarcity, choice, and opportunity cost, and the three fundamental economic questions: What should be produced? How should goods and services be produced? For whom should goods and services be produced?
Economics is the study of given ends and scarce means. Lionel Robbins, biography, from the Concise Encyclopedia of Economics: Robbins’ most famous book was An Essay on the Nature and Significance of Economic Science, one of the best-written prose pieces in economics. That book contains three main thoughts.
