economics

The study of how persons and society choose resources which have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future, among various people and groups in society

the study of the ways of goods and services

(Hackett, 1998, chapter 1) The study of how scarce resources are allocated among competing uses

The economics of a society or industry is the system of organizing money and trade in it. the economics of the third world. Social science that analyzes and describes the consequences of choices made concerning scarce productive resources. Economics is the study of how individuals and societies choose to employ those resources: what goods and services will be produced, how they will be produced, and how they will be distributed among the members of society. Economics is customarily divided into microeconomics and macroeconomics. Of major concern to macroeconomists are the rate of economic growth, the inflation rate, and the rate of unemployment. Specialized areas of economic investigation attempt to answer questions on a variety of economic activity; they include agricultural economics, economic development, economic history, environmental economics, industrial organization, international trade, labour economics, money supply and banking, public finance, urban economics, and welfare economics. Specialists in mathematical economics and econometrics provide tools used by all economists. The areas of investigation in economics overlap with many other disciplines, notably history, mathematics, political science, and sociology. Austrian school of economics classical economics defense economics German historical school of economics institutional economics labour economics managerial economics supply side economics welfare economics

the science that deals with the production, distribution, and consumption of the worlds resources and the management of state income and expenditures in terms of money

all things pertaining to the production and distribution of wealth within a nation; ways of making a living

the science that deals with the production, distribution, and consumption of commodities

the science that deals with the production, distribution, and consumption of wealth

1) Economics is the study of how men and society end up choosing, with or without the use of money, to employ scarce productive resources that could have alternative uses, to produce various commodities and distribute them for consumption, now or in the future, among various people and groups in society It analyzes the costs and benefits of improving patterns of resource allocation [86] {4} 2) Economics is the study of the use of scarce resources to satisfy unlimited human wants [64] {4} Use your browser's "BACK" button to return to the page you were viewing previously

The study of choice and decision-making in a world with limited resources

the science of the allocation of limited resources for the satisfaction of human wants

the study of how to distribute scarce resources among alternative ends

The study of people's choices and what happens to make everyone's choices compatible (p 5)

The study of how limited resources, goods, and services are allocated among competing uses

Economics is the study of ways in which people make a living; it considers the social organization by means of which people satisfy their wants for scarce goods and services

The study of how people use scarce resources to satisfy unlimited wants

The study of choice and decision-making in a world with limited resources [FACS] (see also Board of Governors, Economic Recovery Tax Act of 1981, Employment Act of 1946, Full Employment and Balanced Growth Act of 1978, Keynesians, academic consultants, activist fiscal policy, business cycles, capacity utilization rate, choice, contractionary fiscal policy, contractionary monetary policy, council of economic advisors, cyclical unemployment, discretionary fiscal policy, division of labor, economic growth, economic regulations, economic shocks, economic specialization, expansionary fiscal policy, expansionary monetary policy, expected rate of inflation, fiscal policy, gross national product, implementation lag, large econometric models, macroeconomics, microeconomics, monetary policy, new deal, normative economics, option, political economy, rational expectations, recession, stagflation, supply-side economics, time lags)

- 1 having to do with the production, distribution, and consumption of goods and services 2 the management of the income, supplies, and expenses of household, government, etc

Economics provides the language, principles and a way of thinking to help people unravel why they have to make choices

Economics is the study of the way in which money, industry, and trade are organized in a society. He gained a first class Honours degree in economics. see also home economics

the branch of social science that deals with the production and distribution and consumption of goods and services and their management

the study of how resources are distributed for the production of goods and services within a social system

the social science that studies how individuals, firms, governments, and other organizations make choices, and how those choices determine the way the resources of society are used

See Political economy, under Political

the study of how individuals and societies choose to allocate scarce productive resources among competing alternative uses and to distribute the products from these uses among the members of the society (S1) chinese | russian

The study of supply and demand in markets and how they allocate scarce resources

{i} study of the management of goods and services

Political economy; the science of the utilities or the useful application of wealth or material resources

the science that deals with the production, distribution, and consumption of wealth, and with the various related problems of labor, finance, taxation, etc (Webster's New World)

Economics is the study of the production and distribution of wealth

The science of household affairs, or of domestic management

Study of how individuals, businesses and governments use their limited resources to satisfy unlimited wants

study of how people choose to use scarce resources to satisfy their needs and wants; a study of choice

Economics Minister

government secretary in charge of national economic affairs

economics department

the academic department responsible for teaching and research in economics

economics profession

the body of professional economists

business economics

The buying and selling of products from an economical view, dealing with the making, the distribution, and the usage of the product

economic

frugal; cheap (in the sense of representing good value); economical

economic

pertaining to the study of money and its movement

economics.

econ

I don't know anything about economics. - I know nothing about economics.

I know nothing about economics. - I don't know anything about economics.

home economics

The study of homemaking, including cookery, needlework, cleaning etc

mathematical economics

A sub-field of economics which aims at expressing economic theories with mathematic formulae

normative economics

economic thought in which one applies moral beliefs, or judgment, claiming that an outcome is "good" or "bad". For example "this tax on cigarettes will be good because it will reduce smoking." Contrast with positive economics

participatory economics

A proposed alternative to capitalism that uses participatory decision making

positive economics

The branch of economics that concerns the description and explanation of economic phenomena and their causal relationships

supply-side economics

a branch of economics that focuses on the supply side of the economy and on tax reductions

voodoo economics

supply-side economics

business economics

Business economics (also managerial economics) is a branch of economics that applies microeconomic analysis to specific business decisions

labour economics

Labour economics seeks to understand the functioning of the market and dynamics for labour. Labour markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labour services (workers), the demanders of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income

managerial economics

Managerial economics (also called business economics), is a branch of economics that applies microeconomic analysis to specific business decisions

normative economics

Normative economics is the branch of economics that incorporates value judgments about what the economy should be like or what particular policy actions should be recommended to achieve a desirable goal. Normative economics looks at the desirability of certain aspects of the economy. It underlies expressions of support for particular economic policies

Austrian school of economics

Body of economic theory developed by several late 19th-century Austrian economists. Carl Menger (1840-1921) published a paper on their new theory of value in 1871. The concept of value was subjective, the source of a product's value being its ability to satisfy human wants. The actual value depended on the utility derived by the consumer from the product in its least important use (marginal utility). The theory was also applied to production and pricing. Other founders of the school included Friedrich von Wieser (1851-1926) and Eugen von Böhm-Bawerk (1851-1914). See also opportunity cost; productivity

German historical school of economics

Branch of economic thought, developed chiefly in Germany in the later 19th century, in which the economic situation of a nation is understood as the result of its total historical experience. Objecting to the deductively reasoned "laws" of classical economics, exponents of the historical approach examined the development of the entire social order, of which economic motives and decisions were only one component. They viewed government intervention in the economy as a positive and necessary force. Early founders, including Wilhelm Roscher and Bruno Hildebrand, developed the idea of the historical method and sought to identify general stages of economic development through which all countries must pass. Members of the later school, notably Gustav von Schmoller (1813-1917), carried out more detailed historical research and attempted to discover cultural trends through historical inquiry

Keynesian economics

demand-side economics, economic theory which advocates active government intervention in order to achieve a stable economy and employment level (Economics)

London School of Economics

the LSE one of the colleges of London University, which is famous for teaching politics and economics

classical economics

School of economic thought largely centred in Britain that originated with Adam Smith and reached maturity in the works of David Ricardo and John Stuart Mill. The theories of the classical school were mainly concerned with the dynamics of economic growth. Reacting against mercantilism, classical economics emphasized economic freedom. It stressed ideas such as laissez-faire and free competition. Many of the fundamental principles of classical economics were set forth in Smith's Wealth of Nations (1776), in which he argued that a nation's wealth was greatest when its citizens pursued their own self-interest. Neoclassical economists such as Alfred Marshall showed that the forces of supply and demand would ration economic resources to their most effective uses. Smith's ideas were elaborated and refined by Ricardo, who formulated the principle that the price of goods produced and sold under competitive conditions tends to be proportionate to the labour costs incurred in producing them. Mill's Principles of Political Economy (1848) gave the ideas greater currency by relating them to contemporary social conditions. Among those who have modified classical economics to reach very different conclusions are Karl Marx and John Maynard Keynes

defense economics

Field of national economic management concerned with peacetime and wartime military expenditures. It arose in response to the greater scale and sophistication of warfare in the 20th century. Most nations seek to avoid the vast financial and human costs of war which include the lost earnings of those killed or injured, lifetime medical care needed for those permanently incapacitated, and losses to the economy caused by diverting resources from investments in future economic capacity by maintaining a level of military preparedness sufficient to deter aggressors. Peacetime defense economics focuses on issues of allocation of resources between the military and civilian sectors, the relative size and character of the various armed forces, and the choice and design of their weapons

economic

credentialing the denial or revocation of hospital staff privileges because of one's pattern of resource utilization and its financial impact on the hospital

economic

Managing with frugality; guarding against waste or unnecessary expense; careful and frugal in management and in expenditure; said of character or habits

economic

Managed with frugality; not marked with waste or extravagance; frugal; said of acts; saving; as, an economical use of money or of time

economic

VARIABLE ANNUITY FIXED INVESTMENTS INTEREST RATES*

economic

effects - the money effects on jobs and wagesenvironmental effects - the effects on the landscape and the environmentmultiplier effect - the 'knock-on' effect of an industry opening or closing on other industries or servicesrestored land - derelict land that has been made useful again e g by landscaping or renovating buildingssocial effects - the effects on the quality of life of the people e g standard of living, services, community spirit

economic

Relating to domestic economy, or to the management of household affairs

economic

Utilizing resources in the most efficient manner

economic

Udmis

economic

Regulative; relating to the adaptation of means to an end

economic

Relating to the means of living, or the resources and wealth of a country; relating to political economy; as, economic purposes; economical truths

economic

pertaining to an economy

economic

The study of allocating our scarce resources among their alternate uses for the benefit of the largest number The waiver justification for sufficient economic reason is based on when the use of another supplier would create an economic burden and not be in the best interest of the company, university, etc Responsible economic procurement relieves the company, university, organization, etc of potential additional expenses that would result from not making the purchase

economic

having the process of producing, buying, and selling goods and services

economic

of or relating to an economy, the system of production and management of material wealth; "economic growth"; "aspects of social, political, and economical life

economic

pertaining to the production, distribution, and consumption of products and services; the management of income and expenditures; a value system based on the satisfaction of material needs and the accumulation of wealth

economic

{s} pertaining to the management of goods and services; of the science of economics

economic

pie The money available in the _economy

economic

Pertaining to the household; domestic

economic

concerned with worldly necessities of life (especially money); "he wrote the book primarily for economic reasons"; "gave up the large house for economic reasons"; "in economic terms they are very privileged"

economic

of or relating to the science of economics; "economic theory"

economic

Economic means concerned with the organization of the money, industry, and trade of a country, region, or society. Poland's radical economic reforms The pace of economic growth is picking up. + economically eco·nomi·cal·ly an economically depressed area Economically and politically, this affair couldn't come at a worse time

economic

If something is economic, it produces a profit. The new system may be more economic but will lead to a decline in programme quality. = profitable. adj. Asia Pacific Economic Cooperation Benelux Economic Union Council for Mutual Economic Assistance Economic Co operation and Development Organisation for economic development economic forecasting economic geology economic growth economic indicator economic planning economic stabilizer economic system economic warfare International Bank for Economic Cooperation New Economic Policy European Economic Community

economic

financially rewarding; "it was no longer economic to keep the factory open"; "have to keep prices high enough to make it economic to continue the service"

economic

using the minimum of time or resources necessary for effectiveness; "an economic use of home heating oil"; "a modern economical heating system"; "an economical use of her time"

election economics

money spent on a political election campaign; period of time before an election when the political party that is in power creates an overall situation of economic welfare so as to gain votes

home economics

theory and practice of homemaking

home economics

science of managing a home

home economics

Home economics is a school subject dealing with how to run a house well and efficiently. The science and art of home management.home economist n. the study of cooking, sewing, and other skills used at home, taught as a subject at school

institutional economics

School of economics that flourished in the U.S. in the 1920s and '30s, which viewed the evolution of economic institutions as part of the broader process of cultural development. Thorstein Veblen laid the foundation for institutionalism with his criticism of traditional economic theory. He tried to replace the concept of people as the makers of economic decisions with a more realistic image of people as influenced by changing customs and institutions. John R. Commons emphasized the collective action of various groups in the economy, viewed within a system of continually evolving institutions and laws. Other U.S. institutional economists include Rexford Tugwell and Wesley C. Mitchell. See also classical economics, German historical school of economics

labour economics

Study of how workers are allocated among jobs, how their rates of pay are determined, and how their efficiency is affected by various factors. The labour force of a country includes all those who work for gain in any capacity as well as those who are unemployed but seeking work. Many factors influence how workers are utilized and how much they are paid, including qualities of the labour force itself (such as health, level of education, distribution of special training and skills, and degree of mobility), structural characteristics of the economy (e.g., proportions of heavy manufacturing, technology, and service industries), and institutional factors (including the extent and power of labour unions and employers' associations and the presence of minimum-wage laws). Miscellaneous factors such as custom and variations in the business cycle are also considered. Certain general trends are widely accepted by labour economists; for instance, wage levels tend to be higher in jobs that involve high risk, in industries that require higher levels of education or training, in economies that have high proportions of such industries, and in industries that are heavily unionized

macro-economics

branch of economics that deals with the overall forces that control an economy

managerial economics

Application of economic principles to decision making in business firms or other management units. The basic concepts are drawn from microeconomic theory, but new tools of analysis have been added. Statistical methods, for example, are increasingly important in estimating current and future demand for products. The methods of operations research and programming provide scientific criteria for maximizing profit, minimizing cost, and selecting the most profitable combination of products. Decision-making theory and game theory, which recognize the conditions of uncertainty and imperfect knowledge under which business managers operate, have contributed to systematic methods of assessing investment opportunities

micro-economics

branch of economics that deals with individual factors affecting an economy (i.e. individual buyers, companies, etc.)

supply-side economics

the idea that if the government reduces taxes, people will be able to make more goods and this will improve a country's economic situation. Theory that focuses on influencing the supply of labour and goods, using tax cuts and benefit cuts as incentives to work and produce goods. It was expounded by the U.S. economist Arthur Laffer (b. 1940) and implemented by Pres. Ronald Reagan in the 1980s. Supporters point to the economic growth of the 1980s as proof of its efficacy; detractors point to the massive federal deficits and speculation that accompanied that growth

supply-side economics

the school of economic theory that stresses the costs of production as a means of stimulating the economy; advocates policies that raise capital and labor output by increasing the incentive to produce

tourism economics

economics based on money from the tourism industry

voodoo economics

economic ideas that seem attractive but that do not work effectively over a period of time

welfare economics

economics intended to provide benefits to the population

welfare economics

Branch of economics established in the 20th century that seeks to evaluate economic policies in terms of their effects on the community's well-being. Early theorists defined welfare as the sum of the satisfactions accruing to an individual through an economic system. Believing it was possible to compare the well-being of two or more individuals, they argued that a poor person would derive more satisfaction from an increase in income than would a rich person. Later writers argued that making such comparisons with any precision was impossible. A new and more limited criterion was later developed: one economic situation was deemed superior to another if at least one person had been made better off without anyone else being made worse off. See also consumer's surplus; Vilfredo Pareto

economics

Hyphenation

e·co·nom·ics

Turkish pronunciation

ikınämîks

Synonyms

dismal science, finance, business, the dismal science, social science

Pronunciation

/ˌēkəˈnäməks/ /ˌiːkəˈnɑːmɪks/

Etymology

() From economy, from Latin oeconomia from Ancient Greek οἰκονομία (oikonomia, “management of a household, administration”) from οἶκος (oikos, “house”) + νόμος (nomos, “law”).