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Home > Categories > Arts and Humanities > Humanities > View Advice  

Query from: Anonymous, Nigeria, 04/09/11
Topic: HUMANITIES      Submitted on: AnswerPod.com
Subject: What is economics?

Please provide your answer WITHOUT using links or attaching images, docs, etc. (You must still give your source, however).
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Response from: sambasivan s,   
Council Member on Ammas.com
Source: http://en.wikipedia.org/wiki/Econom…
What is economics? Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek ??????µ?a (oikonomia, "management of a household, administration") from ????? (oikos, "house") + ??µ?? (nomos, "custom" or "law"), hence "rules of the house(hold)". Current economic models emerged from the broader field of political economy in the late 19th century. A primary stimulus for the development of modern economics was the desire to use an empirical approach more akin to the physical sciences. 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. The primary textbook distinction is between microeconomics, which examines the behavior of basic elements in the economy, including individual markets and agents (such as consumers and firms, buyers and sellers), and macroeconomics, which addresses issues affecting an entire economy, including unemployment, inflation, economic growth, and monetary and fiscal policy. Other distinctions include: between positive economics (describing "what is") and normative economics (advocating "what ought to be"); between economic theory and applied economics; 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"); and between rational and behavioral economics. General categories Microeconomics · Macroeconomics History of economic thought Methodology · Heterodox approaches Econometrics Mathematical economics · Statistics Cross section & Panel Data Simultaneous equations · Time series Computational · Experimental National accounts Fields and subfields Behavioral · Cultural · Evolutionary Growth · Development · History International · Economic systems Monetary and Financial economics Public and Welfare economics Health · Education · Welfare Population · Labour · Managerial Business · Information · Game theory Industrial organization · Law Agricultural · Natural resource Environmental · Ecological Urban · Rural · Regional · Geography

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Response from: Gowri Raman,   
Featured Member on Ammas.com
Source: http://www.aeaweb.org/students/What…
Hi

Economics is the study of how people choose to use resources. Resources include the time and talent people have available, the land, buildings, equipment, and other tools on hand, and the knowledge of how to combine them to create useful products and services.

Important choices involve how much time to devote to work, to school, and to leisure, how many dollars to spend and how many to save, how to combine resources to produce goods and services, and how to vote and shape the level of taxes and the role of government.

Often, people appear to use their resources to improve their well-being. Well-being includes the satisfaction people gain from the products and services they choose to consume, from their time spent in leisure and with family and community as well as in jobs, and the security and services provided by effective governments. Sometimes, however, people appear to use their resources in ways that don't improve their well-being.

In short, economics includes the study of labor, land, and investments, of money, income, and production, and of taxes and government expenditures. Economists seek to measure well-being, to learn how well-being may increase overtime, and to evaluate the well-being of the rich and the poor. The most famous book in economics is the Inquiry into the Nature and Causes of The Wealth of Nations written by Adam Smith, and published in 1776 in Scotland.

Although the behavior of individuals is important, economics also addresses the collective behavior of businesses and industries, governments and countries, and the globe as a whole. Microeconomics starts by thinking about how individuals make decisions. Macroeconomics considers aggregate outcomes. The two points of view are essential in understanding most economic phenomena.

The list of fields in economics illustrates the scope of economic thought.

Definitions of Economics from Historic Textbooks

"Economics is the study of people in the ordinary business of life." -- Alfred Marshall, Principles of economics; an introductory volume (London: Macmillan, 1890)

"Economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses." -- Lionel Robbins, An Essay on the Nature and Significance of Economic Science (London: MacMillan, 1932)

Economics is the "study of how societies use scarce resources to produce valuable commodities and distribute them among different people."

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Response from: Dapsa parmar,   
Registered Member on Ammas.com
Source: This information comes from my own knowledge.
hi

Economic is the study of production, distribution and consumption of goods and services . Include a household, government or business.

Thanx

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Response from: Keep Smiling .,   
Registered Member on Ammas.com
Source: http://www.wisegeek.com/what-is-eco…
Economics is the study of the production, distribution, and consumption of goods and services — the economy. Economists attempt to understand the economy and the way it responds to various influences, such as changes in federal interest rates. Economics is considered a social science.

Economics is a field that can be broken down into a variety of different schools, divisions, and methods of analysis, although the primary two methods are macroeconomics — the study of economies in aggregate — and microeconomics — the study and modeling of individual agents in an economy. Economists have worked out theories of markets which approximate real-world trends and behaviors.

Another basic tenet of economic theory is that, through self-interest among large numbers of agents, broader social interests may be served in the long run. When people focus on being as productive and possible and providing goods and services in sufficient demand, they do benefit, but so do others who utilize those services, and the public sector, which takes money off the top through taxes.

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Response from: usha gurnani,   
Council Member on Ammas.com
Source: http://education.yahoo.com…
The social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems.

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Response from: Rajesh Kumar Mishra,   
Registered Member on Ammas.com
Source: http://www.investorwords.com…
The study of how the forces of supply and demand allocate scarce resources. Subdivided into microeconomics, which examines the behavior of firms, consumers and the role of government; and macroeconomics, which looks at inflation, unemployment, industrial production, and the role of government.

Rate = 2.5 (Rated by 2 Council Members)

 
Response from: KG Anand,   
Registered Member on Ammas.com
Source: This information comes from my own knowledge.
Economics is the social science that analyzes the production, distribution, and consumption of goods and services.

Current economic models emerged from the broader field of political economy in the late 19th century. A primary stimulus for the development of modern economics was the desire to use an empirical approach more akin to the physical sciences.

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.

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Response from: Dr.Anjna Agarwal,   
Registered Member on Ammas.com
Source: This information comes from my own knowledge.
The Economist's Dictionary of Economics defines economics as "The study of the production, distribution and consumption of wealth in human society."

"Most simply put, economics is the study of making choices."

"Economics is a social science that studies human behavior. Economics has a unique method for analyzing and predicting individual behavior as well as the effects of institutions such as firms and governments, or clubs and religions."

"Economics is the study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs, and desires".

From this definition, we can break down the study of economics into two broad categories - microeconomics and macroeconomics.

microeconomics "deals with economics decisions made at a low, or micro, level. How does the change of a price of good influence a family's purchasing decisions? If my wages rise, will I be inclined to work more hours or less hours?"

Contrast the above definition to the study of macroeconomics, which deals with the sum total of the decisions made by individuals in a society, such as "how does a change in interest rates influence national savings?".

In short, We need economics because we as individuals and as a society experience scarcity (of raw materials, of goods and services, of time, and so on) in relationship to our ever-growing needs and wants. Economics examines how we make choices: a new car or college tuition? more hospitals or more highways? more free time or more income from work? It gives us a way of understanding how to make best use of natural resources, machinery, and people's work efforts.

Economics helps us examine trade-offs between various goals and anticipate the outcomes of changes in governmental policies, company practices, or composition of the population, and so on. Almost all issues of public and private policy involve economics and so do your own individual choices.

My Astrology Blog : http://anu0562.blogspot.com/…

Rate = 3.5 (Rated by 3 Council Members)

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Response from: Shikha D,   
Registered Member on Ammas.com
Source: http://en.wikipedia.org/wiki/Econom…
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek ??????µ?a (oikonomia, "management of a household, administration") from ????? (oikos, "house") + ??µ?? (nomos, "custom" or "law"), hence "rules of the house(hold)".[1] Current economic models emerged from the broader field of political economy in the late 19th century. A primary stimulus for the development of modern economics was the desire to use an empirical approach more akin to the physical sciences.[2] 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,[3] education,[4] the family, health, law, politics, religion,[5] social institutions, war,[6] and science.[7] The expanding domain of economics in the social sciences has been described as economic imperialism.[8] Common distinctions are drawn between various dimensions of economics. The primary textbook distinction is between microeconomics, which examines the behavior of basic elements in the economy, including individual markets and agents (such as consumers and firms, buyers and sellers), and macroeconomics, which addresses issues affecting an entire economy, including unemployment, inflation, economic growth, and monetary and fiscal policy. Other distinctions include: between positive economics (describing "what is") and normative economics (advocating "what ought to be"); between economic theory and applied economics; 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");[9] and between rational and behavioral economics.

Rate = 2.5 (Rated by 3 Council Members)

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Response from: shiva sakthi,   
Council Member on Ammas.com
Source: http://en.wikipedia.org/wiki/Econom…
Hai,

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek.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.

Rate = 3 (Rated by 3 Council Members)

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