economics

(redirected from economic science)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.

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 ?
While the phenomenology of Husserl proves to be an interesting and fruitful approach in describing the emergence and development of economic science, the author's initial account of phenomenology and turn towards the history of economics seems less persuasive as one reads further.
The preface explains that Taparelli decided to return to a study of fundamental principles after the first article in this series made it clear that progress in establishing a Catholic economic science required more than merely showing the defects, theoretical and practical, of the existing schools.
Resulting in a "real analysis" (102), this development allowed Lonergan to offer a set of primary and secondary differentials that laid the groundwork for the breakthrough to economic science.
In Manna from Heaven: From Divine Speech to Economic Science, Dalton Garis brings together two fields that are not often paired: economics and religion--and arrives at a creative synthesis that enriches the reader's understanding of both.
Economic culture and economic science in the West have stressed treating each transaction as a separate, independent event, for which the best deal must be negotiated.
Milton Friedman, Senior Research Fellow, Hoover Institution, and recipient, 1976 Nobel Memorial Prize for Economic Science
He graduated from the Barcelona Central University in 1971 with an Economic Science degree and soon after earned a master's degree and Ph.
Other Nobel Lectures volumes include Physics, Chemistry, Literature, Peace, and Economic Science.
Some mention, for example, of the Staatswissenschaften or of economic science as it existed in Prussia in the early nineteenth century would have enhanced Beck's discussion of bureaucratic decision-making.
Stark was also clear in stating what he took as the character of economic science.
For these contributions he received the 1990 Nobel Memorial Prize for Economic Science.
But we learned how to discuss some sophisticated things in economic science that didn't exist in a command economy Please be aware that translating a Nobel Prize speech entails not just knowing English but understanding the topic.