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 ?
Economic policies are one of the tools in the planning of public policies and have to follow a cycle in their implementation.
Today, creators of economic policies tend to avoid making the mistake made in the 1930s and that is the reason why they have taken the necessary measures to encourage the aggregate demand, and this is done using all three of its components: investments, government expenditures and personal spending; this is done primarily because of the main macroeconomic problem, and that is unemployment or poverty.
And a report warned low and middle income households are to be worst hit by the economic policies - making a mockery of Osborne's claims of fairness.
Al Shihhi who delivered the opening speech on behalf of Al Mansoori said the conference sets the platform for dialogue with all concerned parties on economic policies. "This event addresses economic development policies that are a high priority now, and exerts all efforts to integrate economic policies and drive the national economy to the next stage of growth, stability and development," he said.
Not surprisingly, his temporary replacement, has pledged full support to the President's economic policies. In contrast, the director of Iran's central bank, Tahmasb Mazaheri, has intensified his opposition to these policies.
EPPD serves the American people by promoting economic policies and programs that build America's prosperity.
It is not a closed economic policy, but we will have to tackle problems of overspending and short-term economic policies that have weakened our sustainability,'' he said.
Pettingill (Ind.), a Democrat who had spoken out critically against FDR's economic policies, agreed with Malone's assessment of the pact, denouncing it as "part and parcel of international socialism, one-worldism, and the slow surrender of American sovereignty."
Both envisage two possible ways of beginning to remedy the global imbalances: either the United States unilaterally pressures and demands that its trading partners adopt pro-growth, market-based, anti-protectionist domestic economic policies, or the United States and its trading partners work jointly, with help from the reformed IMF, to promote these same policies.
That means they assume the Bush tax cuts expire, even though "the president's economic policies" include a plan to make them permanent, and that the alternative minimum tax won't be indexed for inflation in the intervening years, even though that's a virtual political impossibility.
SUPPORT OF SOCIAL, ECONOMIC POLICIES. El Salvador is seeking US$561,000 from the Inter-American Development Bank for Support of Social and Economic Policies Implementation (EC-T1009).
Business ethics, as Enderle teaches it at the University of Notre Dame's Mendoza College of Business and at the China Europe International Business School in Shanghai, encompasses moral challenges at all levels: for individual employees, managers, and consumers; for businesses, unions, and other associations; and for global economic policies.

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