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 ?
However, it is much more difficult to unearth the influence of and relationship between natural law and modern economic theory within current scholarly dialogue.
The value of human input in growth and development has been recognized since the invention of modern economics. Ever since the Industrial Revolution and the discovery of the division of labor, skills of individual workers have been incorporated as an important element of productivity like capital, machines and land.
These two individuals, in the book have defined modern economics. Nasar calls Alfred Marshall :...the father of modern economics.' He also wrote: 'The desire to put mankind into the saddle is the mainspring of most economic study.' This was written at a time when man's destiny or fate was considered fixed or predetermined.
So why does the dire situation of modern economics prevail?
Her title gets at the core of her argument: Adam Smith invented modern economics by creating the idea of "economic man"--who is, in Veblen's terms, "a lightning calculator" of his self-interest--and the idea of the invisible hand, by which greed and self-interest are always good in leading to economic growth.
But I did not learn Marxist economics but modern economics, in which the main interest has been how to raise growth rates and efficiency in an economy.
Modern economics assumes that more money changing hands is always a positive thing.
Small and Medium sized Businesses (SMB) form the foundation of modern economics, boost investment and employment, sustain economic growth and drive innovation.
The institute helps aspiring candidates to learn and understand all the aspects of modern economics more comprehensively so that they can score better in the competitive exams.
The first 200 pages offer a tour de force of the evolution of modern economics, and Desai writes for the lay reader, with the exception of chapters four and five that only trained economists may find more accessible than others.
Alfred Marshall and Modern Economics: Equilibrium Theory and Evolutionary Economics.
Even Adam Smith, father of modern economics, said that the unseen hand of capitalism could not function in a moral vacuum.

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