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Economics |
Also found in: Medical, Legal, Encyclopedia, Wikipedia, Hutchinson | 0.01 sec. |
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Economics The study of the economy. See also: Macroeconomics; microeconomics; Keynesian economics, monetarism, and supply-side 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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The study is highly technical and presupposes an understanding of basic mathematical and economic theories and will be of interest to economists, philosophers and all those who are involved in the management of research and development organizations. It describes the way an economy should be run and to what end, whereas the only aim of economic theories is to create accurate descriptive models. Whilst passing from one conversation to the other, one could witness many a Dubaite espousing his own economic theories under the stars that evening- budding Adam Smith's and Keynesians in the making |
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