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.