definition of economics
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What Is Economics? However, I would define economics as: the study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs, and desires. A more detailed definition and discussion is found in What is Economics?
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Definition of economic according to Adam smith (Wealth definition) Definition of economic according to Adam smith(Wealth definition) 1  Adam smith is a Scotland economist. 2  He has defined economics as the science of the wealth in his book .According to him,” Prosperity of the individuals constitute the prosperity of the nation. 3  Therefore, Economics is a science which deals with wealth.
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economic 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
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Economics Economics is the study of the production, distribution, and consumption of goods and services. 1  Resources are the inputs used to produce outputs. Resources may include any or all of the following: 2  Land and other natural resources. 3  Labor (physical and mental) 4  Capital, including buildings and equipment. 5  Entrepreneurship.
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Economic Analysis Economic Analysis. The application of data to a theory of how people produce, trade, and use goods and services. One may use both qualitative and quantitative tools in economic analysis. For example, given a theory of what causes unemployment, an economic analyst may take the data in an attempt to find its true causes and compare them to the original theory.
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- economic. 1  pertaining to the production, distribution, and use of income, wealth, and commodities. 2  of or relating to the science of economics. 3  pertaining to an economy, or system of organization or operation, especially of the process of production.
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Comments: Economics vs Finance Economics vs. Finance. Diffen › Economics. Economics is a social science that studies the broader management of goods and services, including their production and consumption, and also the factors affecting them whereas Finance is the science of managing available funds.
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What is Economy? - Definition & Types What Is Economy? An economy is a system of organizations and institutions that either facilitate or play a role in the production and distribution of goods and services in a society. Economies determine how resources are distributed among members of a society; they determine the value of goods or services; and they even determine what sorts of things can be traded or bartered for those services and goods.
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- The nature of economics. Economics is the scientific study of the ownership, use, and exchange of scarce resources-often shortened to the science of scarcity. Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations. Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged. In terms of methodology, economists, like other social scientists, are not able to undertake controlled experiments in the way that chemists and biologists are.
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What Is Economics? You might also think economics is all about economizing or being efficient--not making foolish or wasteful choices about how you spend or budget your time and money. That is certainly part of what economics is about. However, that's just the tip of the iceberg. We all know that we can save money or time by being more efficient in our planning. A trip to the supermarket can be coordinated with a trip to deposit a check at the bank across the street to save on gas.
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- Dictionary entry overview: What does economics mean? • ECONOMICS (noun) The noun ECONOMICS has 1 sense: 1. the branch of social science that deals with the production and distribution and consumption of goods and services and their management Familiarity information: ECONOMICS used as a noun is very rare.
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mania ma·ni·a. An emotional disorder characterized by euphoria or irritability, increased psychomotor activity, rapid speech, flight of ideas, decreased need for sleep, distractibility, grandiosity, and poor judgment; usually occurs in bipolar disorder.ndividuals experiencing a manic episode often have feelings of self-importance, elation, talkativeness, sociability, and a desire to embark on goal-oriented activities, coupled with the less desirable characteristics of irritability, impatience, impulsiveness, hyperactivity, and a decreased need for sleep.
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Definitions of economics A recent review of economics definitions includes a range of those in principles textbooks, such as descriptions of the subject as the study of: 1  the economy. 2  the coordination process. 3  the effects of scarcity.
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economic 1. of or relating to an economy, the system of production and management of material wealth. 2. of or relating to the science of economics. 3. concerned with worldly necessities of life (especially money) 4. financially rewarding. 5. using the minimum of time or resources necessary for effectiveness.
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- I. What is Environmental Economics? Economics is the study of the allocation of scarce resources. Note that the theories of economics can be applied to any scarce resource, not just traditional commodities. Economics is not simply about profits or money. Economists study how incentives affect people’s behavior.
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Finance Financial economics is the branch of economics studying the interrelation of financial variables, such as prices, interest rates and shares, as opposed to goods and services. Financial economics concentrates on influences of real economic variables on financial ones, in contrast to pure
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- Definition of AGRICULTURAL ECONOMICS. : the scientific study of methods, practices, conditions, and policies affecting agriculture. ADVERTISEMENT.ote that some information is displayed differently in the Unabridged. To access the complete Unabridged Dictionary, with an additional 300,000 words that aren't in our free dictionary, start a free trial.
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macroeconomics Definition of macroeconomics. : a study of economics in terms of whole systems especially with reference to general levels of output and income and to the interrelations among sectors of the economy — compare microeconomics.
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- economics is a social science concerned with the factors that determine the production distribution and consumption of goods and services the term economics comes from the ancient greek οἰκονομία from οἶκος oikos house and νόμος nomos custom or law hence rules of the house hold for good management
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What is Economics? The typical first-year student walks into his first economics class with very little idea of what economics is. He might have heard something like, economics is the study of money, or economics is another word for accounting, or economics is hard, don't take that class, but none of those are true. Economics is the study of the use of scarce resources that have alternative uses.. That's the classic definition of economics. Basically, there are people, and people need resources to fulfil their desires.
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economic 1. of or pertaining to the production, distribution, and use of income, wealth, and commodities. 2. of or pertaining to the science of economics. 3. involving one's personal resources of money. 4. pertaining to use as a resource in the economy: economic botany.
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- Economics may appear to be the study of complicated tables and charts, statistics and numbers, but, more specifically, it is the study of what constitutes rational human behavior in the endeavor to fulfill needs and wants.
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- Definition: As discussed in the article What is Economics?, there is no one universally accepted definition of the term economics. Surprisingly, the 1828 edition of Webster's dictionary contains a definition for political economy that could still apply today: Political economy, the administration of the revenues of a nation; or the management and regulation of its resources and productive property and labor.
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- Economics is a body of knowledge (a science) that has certain theories, values, methods, and assumptions. One goal of economists is to understand how to produce goods for society in the most efficient manner. This is achieved by having a better understanding of human activities in a market system.
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- What is 'Economics'. Economics is a broad term referring to the scientific study of human action, particularly as it relates to human choice and the utilization of scarce resources. Economic analysis often progresses through deductive processes, much like mathematical logic, where the implications of specific human activities are considered in a means-ends framework.
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- Define economic. economic synonyms, economic pronunciation, economic translation, English dictionary definition of economic. adj. 1. a. Of or relating to the production, development, and management of material wealth, as of a country, household, or business enterprise. b.