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This article is about the social science. For other uses, see Economics (disambiguation). Economics studies trade, production and consumption decisions, such as those that occur in a traditional marketplace. Look up economics in Wiktionary, the free dictionary.
Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία (oikonomia, "management of a household, administration") from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)". Current economic models developed out of the broader field of political economy in the late 19th century, owing to a desire to use an empirical approach more akin to the physical sciences. A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay:
Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent of scarcity and alternative uses of available resources there is no economic problem. The subject thus defined involves the study of choices as they are affected by incentives and resources. Economics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business, finance and government, but also in crime, education, the family, health, law, politics, religion, social institutions, war, and science. The expanding domain of economics in the social sciences has been described as economic imperialism. Common distinctions are drawn between various dimensions of economics: between positive economics (describing "what is") and normative economics (advocating "what ought to be") or between economic theory and applied economics or between mainstream economics (more "orthodox" dealing with the "rationality-individualism-equilibrium nexus") and heterodox economics (more "radical" dealing with the "institutions-history-social structure nexus"). However the primary textbook distinction is between microeconomics ("small" economics), which examines the economic behavior of agents (including individuals and firms) and macroeconomics ("big" economics), addressing issues of unemployment, inflation, monetary and fiscal policy for an entire economy. Economics Economies by regionAfrica · North America South America · Asia Europe · Oceania General categoriesMicroeconomics · Macroeconomics History of economic thought Methodology · Heterodox approaches Fields and subfieldsBehavioral · Cultural · Evolutionary Growth · Development · History International · Economic systems Monetary and Financial economics Public and Welfare economics Health · Labour · Managerial Business · Information · Game theory Industrial organization · Law Agricultural · Natural resource Environmental · Ecological · Conservation Urban · Rural · Regional Economic geography TechniquesMathematical · Econometrics Experimental · National accounting ListsJournals · Publications Categories · Topics · Economists Economic ideologiesAnarchism · Capitalism Communism · Corporatism Fascism · Georgism Islamic · Laissez-faire Market socialism · Mercantilism Protectionism · Socialism Syndicalism · Third Way The economy: concept and history Business and Economics Portal This box:From Wikipedia under the
GNU Free Documentation License What about Economics and Philosophy, a good double major? Q. I have a choice to double major, I love philosophy and Economics, would this be a good pair? What could be the possible job opportunities if it could work? Thanks! Asked by guitinit - Thu Oct 25 10:19:31 2007 - - 2 Answers - 1 Comments A. ha econ is a good major with anything. philosophy is a undervalued major, too bad because philosophy is really interesting. I think you have a good mix Answered by Will - Thu Oct 25 10:28:27 2007 What theories can economics draw upon to evaluate Health care reforms? Q. Hi, I am a stduent studying Health Economics. I am just wondering what kind of economic theories we can use when evaluating the health care system reform such as NHS reform. Please let me know if you have any idea and thanks for reading! Asked by Kevin I - Sun Nov 9 22:00:32 2008 - - 1 Answers - 0 Comments A. New economic anomalie - Benign deflation (falling prices due to falling percentage of fixed costs to actual end price. Constant demand for a product gives the producer of the product the ability to produce it in greater quantity while keeping fixed overhead prices the same. Thus, the producer can offer the product at a lower price.) could be your economic principle at work in the future. As it applies to healthcare, the competition of government subsidized healthcare at reduced cost would drive most customers to the least expensive care. giving more HC professionals the incentive to join the govt. program. This lowers the cost to the govt. to attract these professionals which lets them reduce costs further which attracts more customers… [cont.] Answered by tipton42dive - Wed Nov 12 01:10:53 2008 Can economics and electrical or industrial engineering majors go together?
Q. I really need the answer b/c it seems like economics and electrical are two completely different fields. I already graduated with economics but are planning on going into industrial engineer, not sure if they are two related major AND is the salary of industrial engi high?? THANKS :) Asked by Mitch Irie - Sat Jun 6 15:28:17 2009 - - 1 Answers - 0 Comments A. Yes, economics is a good compliment to any engineering field. Great combination. Answered by n_ricki - Sat Jun 6 15:32:54 2009 From Yahoo Answer Search: "Economics" Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold). This theme article needs cleanup. Please review , especially the , to determine how to edit this article to conform to a higher standard of article quality. This page has been listed as needing cleanup since 2006-11-28.Sourced
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