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How should 'economics' be defined?


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Answered 2017-05-13 03:15:16

Economics is the social science concerned with the production, distribution, and consumption of wealth and the allocation of scarce resources in order to meet apparently unlimited human wants.


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basic economics is simply defined as that how we manage our scarce resources

Economics explains money and the way it functions in society.

should i drop economics for psychology

Economics resources refers to all activities that contribute to the growth of an economy. These can be defined as income-generating activities.

Managerial economics defined as "Economics which is concerned with economic analysis and application of economic concepts to the problems of formulating rational managerial decision".

a primary product like oil or coffee.

In economics, work is defined as human activity, whether physical or mental, that produces goods or provides services in order to earn the money necessary for living.

William NOrdhaus defined economics as the study of how individual and society choose to use scarce resources.

Economics is the social science that investigates human activity directed toward the production, distribution, and consumption of goods and services.

Economics is a science.

choices made by people faced with scarcity

There is a direct relationship between economics and physical science. As a matter of fact, economics is defined as physical science which uses various computations to analyze trends in the market.

In short, positive economics is the study of economic phenomena as they are and normative economics is the study of economic phenomena as they should be. While positive economics looks to understand things from an objective, empirical stance, normative economics looks to make value judgments about what should or should not be happening.

In economics and sociology, work is human activity, whether of body or of mind, that produces the goods or provides the services in an economy and that is usually compulsory to survival.

Some advanced economics textbooks discuss development economics. One's local library should have a wide variety of economics books to check out and reasearch development economics.

Economics is a science which studies human behaviour as a relationship between ends(wants) and scarce means(resources) which have alternative uses.

Economics enables us to understand money, its behaviour , and importance. Economics makes a nation prosper, and makes a person educated in a real sense. Economics is defined as a science of money and money being the most important factor in modern man's life it is most important to study.

Managerial economics as defined by Edwin Mansfield is "concerned with application of economic concepts and economic analysis to the problems of formulating rational managerial decision". It is sometimes referred to as business economics and is a branch of economics that applies microeconomic analysis to decision methods of businesses or other management units.

1. Being a manager, why should you have some basic understandings about economics?

How do you think the success of this this position should be defined and evaluated?

No, it's not a proper noun.

In economics, resource gap refers to the amount of foreign savings. It is also defined as investment minus domestic savings.

Yes. Economics are purely a human concept, so an economic region is a "human defined region"

Keep the state out of the economy and let it be run by the people via the free market -- the right thing to do.

Start with definition of 'The Economy". Economics is defined as "The Management of the Scarcity of Resources." Prepare for Scarce Resources.

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