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 ?
The trade policies and capacities of individual states and their private sectors shape economic patterns in the region.
For example, Dunaway provides an in-depth explanation of how contact with white settlers altered the gender and economic patterns of the Cherokee nation with a focus on the late eighteenth and early nineteenth century, before the tragedy of Removal in the late 1830s.
But as Clinton promised a return to Asia, the Obama administration attempted a return to Latin America as well, a region that is significantly different from yesteryear, as a new form of popular socialism was taking hold (in Venezuela, Bolivia, and elsewhere) without wholly disturbing the economic patterns that long governed these countries.
If economic patterns from the prior two recessions hold true, then investments in premises-based contact center infrastructure, which requires a large up-front capital investment, will slow significantly.
As the global economy stabilizes, there is a growing danger that the United States and China will slip back into their pre-crisis economic patterns, placing themselves and the rest of the world at risk.
The company said: "The directors believe that there will a be a relatively sharp rebound in base metal prices once the world economy turns and will continue to monitor economic patterns.
AMERICA'S TRANSPORTATION SYSTEM was planned and developed chiefly to reflect the political and economic patterns of the Cold War.
Masri enumerated the effects of the scale and nature of such fast track developments on social and economic patterns in these cities and the influence on their cultural identities, and underlined the resulting condition of urban and architectural alienation, together with the negative impacts of such developments on environmental equilibrium in general.
Despite such matters and the text's vagaries and less than felicitous prose, this monograph deserves commendation for deepening our understanding of the phenomenon of tobacco consumption in relation to evolving economic patterns and social/cultural values and beliefs.
This disparity, which more or less delineates global North-South economic patterns (though it also exists within Northern countries), is commonly called the "digital divide.
He suggests that the "industrial revolution" in high medieval cities established such solid economic patterns that only the second Industrial Revolution dissolved them (although Nicholas also stresses that trade and "commercial capitalism," more than industry, drove urban economics).

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