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 ?
Irregular warfare often occurs within a strategic context in which meeting national policy objectives requires some reordering of deeply ingrained political, social, or economic patterns in a foreign land.
Pierre Lemieux considers two extremes--"good polar" and "bad polar"--that current policies and economic patterns might lead to if left unchecked.
We hope that GIIAS can improve our technologies and economic patterns to be healthier for all of us," concluded the Vice President.
In many ways, the Hot Springs region follows its own distinctive economic patterns. Tourism has always been a mainstay of the area economy, imparting even a unique seasonal pattern to the data.
Its state-of-the-art infrastructure and business-friendly regulations, along with a demonstrated ability to adapt to investor needs and changing global economic patterns, have set Dubai apart among regional and international hubs".
But having grown globally as one of the fastest developing nations today, it is however at pains to keep up with the changing economic patterns that have been characterizing the rest of the world.
Editors Bosworth and Kawai present readers with a collection of academic essays and articles that examine the contemporary issues facing policymakers in the Asia and Pacific region based on shifting of underlying economic patterns of saving and investment following the global financial crisis of 2008.
But the military didn't only rely on the acceptance of these basic economic patterns. Over the six months before the fuel subsidy reduction was declared, the military opened three main state-of-the-art traffic intersections; it had taken over the reconstruction duties for the intersections in 2013.
The role of the city is not to maintain one, unchanging set of rules that protects existing businesses, but to ensure rules are fair to all while being responsive to changing social and economic patterns.
And, although economic patterns do not reproduce themselves exactly, the end of the upward phase of the commodity super-cycle that the world has experienced since the early 2000s dims developing countries' prospects for continued rapid catch-up to advanced-country income levels.
There are also chapters on the First World War and on the crucial inter-war years during which economic patterns were established that would endure well into the post-war period -and were to have political significance as land hunger and agrarian reform efforts became the catalysts for rural unrest.
Tasch views finance through both a realist's and an artist's lens, seeing and navigating a new path through old economic patterns. "I've always had the skeptical attitude that complicated finance was too disconnected from everyday reality," Tasch says.

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