economics

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Economics

Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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).
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
The economic environment in Egypt has materially changed over the past months with the flotation of the Egyptian pound which has impacted the strategy of many investors in Egypt.
Hamed Merah, Secretary General, AAOIFI said that "the focus of the conference will be the thought process of Islamic finance for the strategies to be developed for the new economic environment. We are looking forward to having the vision of some of the most prominent experts of the field to guide the industry in these times."
It believes that a challenging economic environment will continue to weigh on the Tunisian leasing sector in 2016.
#2 Hawaii: 1st in safety conditions, 12th in economic environment and 14th in driving laws
The chief economist at India-based Yes Bank has said that India needs to have a strong economic environment in order to encourage growth.
To secure its financial future, Miller suggested NZNO might need to review its strategic plan, strengthen core business planning and resourcing to respond to the economic environment, and to continue focusing on membership growth and cost management programmed.
"The economic environment in Bahrain is rich with attractive benefits for investment, which we intend to highlight in such events, where foreign investors and decision-makers are our audience," Bahrain's Ambassador in Germany Ibrahim Mahmoud said.
"The developments which followed the Eurogroup meeting of March 25 created a new economic environment in Cyprus which has changed the banking landscape.
Though the GCC presents a low risk, Kirk explained that infrastructure investment still needs a tailored approach that "reflects the economic environment, best responds to the individual market, and takes advantage of the competitive edge that exists".
A favorable economic environment, expansion into new markets, a sound deposit base and access to capital markets support a stable outlook for the Colombian bank sector in 2013.
17 ( ANI ): American multinational chip-maker, Intel has reported declines in both sales and profits in the third quarter, as it battles a "tough economic environment".
9, Assessing and Responding to Risk in the Current Economic Environment, to assist auditors in identifying matters related to the economic environment that might affect the risk of material misstatement in financial statements and, therefore, require additional audit attention.

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