economics

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Economics

Economics

The study of how people produce, trade, and use goods and services. Economists look at how different actors, such as individuals, companies, and governments, interact with one another to maximize the fulfillment of their needs through the use of scarce resources. Economics also includes the study of supply, demand, and the relationship between the two. There are a number of schools of thought within economics. Some major schools are classical economics, which considers the sources of production as well as the role of the Invisible Hand of the market, and Marxism, which considers the exploitation of labor by holders of capital. Other, modern schools of thought include Keynesianism, which emphasizes the role of demand as opposed to supply, and monetarism, which promotes the use of the free market and the considers the role of money supply in economic growth. See also: Macroeconomics, Microeconomics.

economics

the study of the way in which countries endowed with only a limited availability of economic resources (natural resources, labour and capital) can best use these resources so as to gain the maximum fulfilment of society's unlimited demands for goods and services. Economics has a macroeconomic and a microeconomic dimension. Macroeconomics is concerned with the overall efficiency of resource use in the economy, in particular the achievement of full employment, and with the growth of resources over time (see ECONOMIC POLICY). Micro-economics is concerned with the efficient supply of particular goods and services (see MARKET SYSTEM).

economics

the study of the problem of using available FACTORS OF PRODUCTION as efficiently as possible so as to attain the maximum fulfilment of society's unlimited demands for GOODS and SERVICES. The ultimate purpose of economic endeavour is to satisfy human wants for goods and services. The problem is that whereas wants are virtually without limit, the resources (NATURAL RESOURCES, LABOUR and CAPITAL) available at any one time to produce goods and services are limited in supply; i.e. resources are scarce (see SCARCITY) relative to the demands they are called upon to satisfy. The fact of scarcity means that we must always be making CHOICES. If, to take a simple example, more resources are devoted to producing motor cars, fewer resources are then available for providing hospitals and other goods. Various ECONOMIC SYSTEMS may be employed to allocate resources and deal with such choices.

Economics has a microeconomic and a macroeconomic dimension. Microeconomics is concerned with the efficient supply of particular products. Macroeconomics is concerned with the overall efficiency of resource use in the economy, in particular the achievement of FULL EMPLOYMENT of current resources and the growth of output over time. See OPPORTUNITY COSTS, PRODUCTION POSSIBILITY BOUNDARY, EFFICIENCY, PRICE SYSTEM, ECONOMIC GROWTH.

References in periodicals archive ?
Employers were asked to list and prioritize the five main transversal competences and five specific skills of economic sciences graduates should possess in order to succeed in the organization they represent.
Nobel prizes are awarded by the Swedish learned societies every Dec-ember to the person or people judged to have done the most ground-breaking work in physics, chemistry, physiology or medicine, literature and economic sciences.
This year's Laureates in economic sciences have developed methods for answering these and many of other questions regarding the causal relationship between economic policy and different macroeconomic variables such as GDP, inflation, employment and investments.
Among the authors of the textbook are 13 teachers: Doctor of Economics, Professor NV Bannikova; candidates of economic sciences - associate professors NV Vorobyova, AR Baicherova, Yu.
The 700-thousand-euro donation aims to fund studies and a technical assistance for a project on developing the model of the Supreme Institute for Applicable and Economic Sciences (ISSAE) and the National Center for Arts and Professions in Lebanon (CNAM).
The fields of study available in these universities will include medicine, pharmaceutical studies, medical studies, engineering, computer science, basic sciences, life studies, financial and economic sciences and law.
This year's prize in economic sciences is about taming powerful firms," Staffan Normark, Permanent Secretary of the Royal Swedish Academy of Sciences, told a news conference.
Albakai Wald Abdelmalek laid in Nouakchott yesterday the foundation stone of the Faculty of Legal and Economic Sciences and a number of other structures in the new university compound.
Organization for Security and Cooperation in Europe along with the Kyrgyz Government are preparing a large-scale regulatory reform of a system of public administration, head of the OSCE Center in Bishkek Sergey Kapinos said on May 27 at the public lecture of John Nash, who shared the 1994 Nobel Memorial Prize in Economic Sciences with Reinhard Selten and John Harsanyi.
Sims shared the 2011 Nobel Prize in Economic Sciences for their work in showing how policy decisions affect the layers of an economy, the Royal Swedish Academy of Sciences said.
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded 42 times to 67 laureates since 1969.
The research is being presented at the Fourth Lindau Meeting on Economic Sciences in Austria and will be published in the American Economic Review.