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 ?
"It is now high time for a new economic strategy for Wales that supports business, fosters a spirit of entrepreneurship in our communities, and creates the skilled jobs that will leave working families better off.
There is a call for the economic strategy to place more emphasis on individual brands, such as Birmingham, Stratford-upon-Avon and Ironbridge, rather than on the region as a whole.
Jim Teasdale, chief executive of the organisation, said: "The board of directors of Mersey Maritimehas resolved that recognition and inclusion of the maritime industry in the Regional Economic Strategy is our number one priority.
SHARED AIM: Signing the pledge at Shire Hall (from left) Malcolm Hazell (Coventry and Warwickshire Primary care Trust), Dr Morag Stern (North Warwickshire Primary Care Trust), Dr Stephen Munday (South Warwickshire Primary Care Trust), John Deegan (Planning, Transport and Economic Strategy), Jim Beeston (Warwickshire Fire and Rescue), Peter Maddock (Rugby Primary Care Trust) and Supt Jon Bond (Warwickshire Police).
The Economic Strategy Tables, together with ongoing flagship initiatives such as Innovative Solutions Canada, Connect to Innovate and the Innovation Superclusters Initiative, are part of the Governments Innovation and Skills Plan to create well-paying jobs and strengthen the middle class by investing in high-growth sectors where Canada has a globally competitive advantage.
A close working relationship with the CBI, FSB, the wider business community and trade unions will be key, and I look forward to collaborating on a wide range of issues, including our plans to develop a new economic strategy.
"We can offer people a sense of hope that we can turn round the economic strategy of this government which after three years people can see is not working."
Since last October, regional development agency Advantage West Midlands and the West Midlands Regional Assembly have been consulting with the region in preparing the Regional Economic Strategy, which will be published later this year.
In North Wales, Labour pledges to establish a dedicated Assembly office, create education, tourism and business opportunities via a Techniquest in Wrexham, develop a North Wales economic strategy and invest pounds 60m in Objective One projects over three years.
Warwickshire's full council was being given a presentation by the county's director of planning, transport and economic strategy.
The official also said the economic strategy conference, a Japanese version of the U.S.
Representatives from government, industry, labor, Native groups and environmental organizations will be travelling throughout Northern Ontario in the new year as part of a provincial effort to develop a new economic strategy for the region.