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 classic literature ?
During the past year I had not managed my professional resources as carefully as usual; and my extravagance now limited me to the prospect of spending the autumn economically between my mother's cottage at Hampstead and my own chambers in town.
It was tastefully though economically furnished, and very neatly arranged.
The results for the third quarter Quarterly labour force survey (QLFS) shows that the working-age population was 36,1 million 15,8 million employed, 5,4 million unemployed and 14,9 million not economically active.
The TUC said that in the past three years, the headline unemployment figure fell by more than 800,000, to 1,827,000, but the number of other economically inactive people who want work hardly moved, from 2,371,000 to 2,298,000.
The common assumption is for a country to be economically prosperous is to have lots of natural resources.
ISLAMABAD, March 21, 2012 (Frontier Star): To strengthen the vigilance on the audit reporting, the SECP has directed all economically significant companies to appoint their statutory external auditors from Chartered Accountants (CA) firms.
A study of official statistics showed there were 1,379,000 economically inactive women seeking work, compared to 920,000 men.
Land application of mill residues is silviculturally beneficial, economically sensible, ecologically sustainable and, environmentally responsible.
There are two other thoughts around The Scum aka The Economically Torpid.
If true, it would be the first example of economically correct reporting about this subject as prices do rise as supplies shrink--something politicians and journalists alike forget when prices rise momentarily following a natural disaster.
Whether it is the planned condemnation of several square blocks on the West Side for the construction of a new football stadium/exhibition hall annex; the condemnation on 8th Avenue for the construction of The New York Times World Headquarters; the proposed redevelopment of the Atlantic and Flatbush Avenue downtown Brooklyn site as a new home for the Nets basketball team; it appears that there continues to be unrelenting destruction of what, in other areas of the country would be strong, economically viable buildings and neighborhoods for a more economically intense land use.
The study, which will be completed in several weeks, explores the way incarceration rates are economically and socially damaging to the black community.

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