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 ?
However, it is not yet clear what type of economic policies Larijani and his supporters are likely to advocate.
The MERG report and the RDP are important documents which are likely to have an impact on the economic policies of the ANC government.
stabilization/structural adjustment -- economic policies and programs forced
Appropriate adjustments in economic policies by the borrowing countries.
But, it doesn't mean that the neo-liberal economic policies must be allowed to play havoc in our country," Raja said.
We can then consider harmonizing our economic policies," added the Buglarian top dipolomat.
There was, and is, no dividing line between a government's social and economic policies, with the former shaped and, in her case, crushed by the consequences of the latter.
Spicka (history, Shippensburg U) explores the electoral messaging and public relations campaigns that were used by West Germany's Christian Democratic Union/Christian Social Union party coalition to sell their social market economic policies during the 1950s.
The new mandate negotiated by the 27 member states at the European Council in Brussels for the drafting of a simplified treaty by the end of the year carefully avoids dealing with the question - as essential as it may be - of enhanced coordination of economic policies and governance of the eurozone.
Although seemingly confined to a few sectors, these provisions in the Constitution helped to form a national psychological mindset a "defensive mindset" that led to more insidious nationalistic provisions in the many economic policies that were adopted by the government during subsequent periods of national economic development.
The market is also watching for major economic policies.
He further said that the economic policies and standards need rethinking adding that employment and remuneration should be given prime consideration.

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