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May 18, 2024 · Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. Economics was formerly a hobby of gentlemen of leisure, but today there is hardly a government, international agency, or large commercial bank that does not have its own staff of economists.
Apr 4, 2024 · 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...
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.
Economics is a social science that examines how people choose among the alternatives available to them. It is social because it involves people and their behavior. It is a science because it uses, as much as possible, a scientific approach in its investigation of choices. Scarcity, Choice, and Cost.
About Transcript. In this video, we introduce the field of economics using quotes from the person that many consider to be the "father" of economics: Adam Smith. Topics include the definition of economics, microeconomics, and macroeconomics as a field and the role of assumptions in economic decisionmaking.Created by Sal Khan.
- How important is it to understand people's behavior and potential reactions when it comes to making ...A lot of economists seems to use models that aim to predict people's behaviors logically based purely on things like price, interests rates, etc wi...
- What is the difference between micro and macro economics?Microeconomics concerns individual consumers, markets and goods etc. Macroeconomics is about the economy in the big picture, the aggregate of all c...
- The statement by Adam Smith is dangerous if taken to be, in any sense, absolute. This is a descripti...I think that people that hoard things are very hurtful and harmful to them selves because they do not understand that they are hurting their loved...
- Sal is basically saying at the end of the video that it is good to have mathematical and rigorous th...Unfortunately, there are many instances in which common sense has lost out to mathematical rigor in economics. An old joke is a quote from economis...
- What the meaning of demand?To me, demand is how much a product is desire. For example, video game producers try to increase demand of an upcoming title by releasing trailers,...
- What is meant by "Adverse balance of trade"?An adverse balance of trade refers to a situation in which the value of a country's imports is greater than its exports.
- Re: Adam Smith's contention that the small producer pursuing his own interest can benefit society at...oh no, critical reading. It feels as if the invisible hand guiding each enterprising individual is the demand of the consumers. Companies have to c...
- Why do people learn economics? Will it help one to maximize the gap between classes that most of us ...Since there are multiple questions here, I'll try to simplify my POV. Economics helps us understand individual behaviours (to an extent), and event...
- Can you recommend for me some books relating to economics?"Freakonomics" by Steven D. Levitt and Stephen J. Dubner "The Wealth of Nations" by Adam Smith "Capital in the Twenty-First Century" by Thomas Pike...
- What is microeconomicsMicroeconomics is the study of the choices that firms and individuals make to allocate scarce resources
Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years. Economics ranges from the very small to the very large. The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics.
Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions. Scarcity is sometimes considered the basic problem of economics.
