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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 ?
"Recently, the Andhra Pradesh government had filled up nearly 193,400 village volunteers, out of which, economically weaker sections in upper-caste should have got 19340 jobs but the quota was not implemented.
"Our ageing population is frequently thought of as a concern, assuming that older people are being economically supported by younger people of working age.
Survey revealed that widowed, divorced and separated women in Punjab were shown to be more economically active with 44.2 percent than married with 43.6 percent and never married with 36.2 percent.
"The CBSE published advertisement dated January 23, 2019 for conducting CTET, 2019 in which this (reservation) benefit has not been given to economically weaker section and therefore the present writ petition is being filed to make sure that people covered under economically weaker section are given similar benefit like other reserved category (SC, ST and OBC) starting with CTET-2019 advertisement," their plea has said.
The statement of objects and reasons appended to the Bill said that the economically weaker sections of citizens have largely remained excluded from attending the higher educational institutions and public employment on account of their financial incapacity to compete with those persons who are economically more privileged.
This difference, in material rewards; induces the economically active sections of the community to ignore the cultivation of crops for domestic consumption in favour of export crops.
Among Leave voters, 7 per cent think Britain is better off economically in Europe, while a fifth of these voters (20 per cent) think we should continue to be part of the Single Market.
Overall, the study shows 52% believe Britain would be better off economically inside Europe.
Among Leave voters, 12% think Britain is better off economically in Europe, while a quarter of these voters (25%) think we should continue to be part of the Single Market.
A new Brexit survey shows 59% of WalesOnline and Western Mail readers believe Britain will be better off economically inside Europe.
This is about 27.2 per cent of the 19.3 million Kenyans who are considered economically active and are between 15 to 64 years.
It cited that foreign workers accounted for more than half of the increase in the economically active population in major economies from 2013 to 2016.

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