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 ?
As former Spanish President Felipe Gonzalez put it, the first challenge for the prevailing Latin American economic pattern is to put an end to poverty, whose continuing existence explodes the neoliberal economic model (Sosa Flores, 2000).
economists call the ''L-shaped'' economic pattern, in which the economy hits a bottom followed by a protracted period of lateral movement along the trough.
KEY INDUSTRIES: CHANGING ECONOMIC PATTERN IN TAIWAN REAL GROWTH RATES (%P.
While a single business can't reverse an economic pattern this entrenched, it can make a start.
Now we should follow Korean economic pattern to ensure rapid economic growth in Pakistan.
The Minister pointed that "the economic pattern has not changed for several years and many significant investments took place in the country.
It is clear that we are in an economic pattern that will continue to see reductions to this funding for the foreseeable future," Mr.
It is an established economic pattern that those countries with higher levels of savings have higher long-term economic growth.
Analysts say radical measures -- which include making changes to capital-intensive industries, and changing the economic pattern which creates jobs for foreign, unskilled workers and excludes Emiratis from the labour market -- are needed if efforts to better shape the demographic structure of the country are to succeed.
Then it's a short slide back to an old economic pattern of attracting novice teachers who invariably transfer to more attractive, better-paying jobs once they learn their craft in Los Angeles schools.
We have waged a serious battle so that the ministerial statement includes commitment to rectify the economic pattern in the country.
But we will continue our political path in an attempt to try to change the existing economic pattern," Nahhas said.

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