Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία (oikonomia, "management of a household, administration") from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)".[1] Current economic models developed out of the broader field of political economy in the late 19th century, owing to a desire to use an empirical approach more akin to the physical sciences.[2]
A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay: "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."[3] Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economic problem. The subject thus defined involves the study of choices as they are affected by incentives and resources.
Economics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business, finance and government, but also in crime,[4] education,[5] the family, health, law, politics, religion,[6] social institutions, war,[7] and science.[8] The expanding domain of economics in the social sciences has been described as economic imperialism.[9][10]
Common distinctions are drawn between various dimensions of economics: between positive economics (describing "what is") and normative economics (advocating "what ought to be") or between economic theory and applied economics or between mainstream economics (more "orthodox" dealing with the "rationality-individualism-equilibrium nexus") and heterodox economics (more "radical" dealing with the "institutions-history-social structure nexus"[11]). However the primary textbook distinction is between microeconomics ("small" economics), which examines the economic behavior of agents (including individuals and firms) and macroeconomics ("big" economics), addressing issues of unemployment, inflation, monetary and fiscal policy for an entire economy.
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Eureka Street
Economics has been called the 'dismal science'. It's not difficult to agree with the first of these terms. However the question raised by Andrew Hamilton's ...
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Faculty of economics
Patrick Emerson
Wed, 21 Oct 2009 00:01:01 GM
The Oregon . Economics. Blog discusses and comments on . economic. issues and policy that matter to the state of Oregon.
Q. Hi, This is an odd question, but I absolutely LOVE Mayfair and one day would love to own a huge house there and basically be able to afford one. I am planning on doing Economics Finance and Management at University and i was wondering, what job in that area could make me a millionaire? I know things aren't that simple but I'm just really interested in knowing! Or any job to do with Economics... Thanks!
Asked by Francesca C - Tue Mar 17 19:00:49 2009 - - 4 Answers - 0 Comments
A. Hi, Owning your own businnes and having multiple streams of income are the way most people become millionaires. It sounds like you have 2 passions 1/working in Finance and 2/ living in Mayfair. Sometimes your passions can not give you your dreams. So if they don't or won't in the timeline you would like...then find other ways to create the wealth you want so you can live your passions. Read online or pick up a book by Robert Kiyosaki, He talks about how to create weath and use multiple streams of income. Example: Income from rental property you buy, returns on stock investments, small network marketing business, and your salary from your employer. The 1st 3 are the most powerful, because they allow you to leverage your time and… [cont.]
Answered by Karen H - Thu Mar 19 13:36:56 2009
