Economics

economiceconomisteconomic theoryeconomyeconomic activityeconomicallyeconomic scienceeconomic scienceseconomistsEconomic management
Economics is the social science that studies the production, distribution, and consumption of goods and services.wikipedia
8,706 Related Articles

Distribution (economics)

distributionredistributionland distribution
Economics is the social science that studies the production, distribution, and consumption of goods and services.
In economics, distribution is the way total output, income, or wealth is distributed among individuals or among the factors of production (such as labour, land, and capital).

Social science

social sciencessocial scientistsocial
Economics is the social science that studies the production, distribution, and consumption of goods and services.
These social sciences include, but are not limited to: anthropology, archaeology, communication studies, economics, history, human geography, jurisprudence, linguistics, political science, psychology, public health, and sociology.

Glossary of economics

See glossary of economics.
This glossary of economics is list of definitions about economics, its sub-disciplines, and related fields.

Applied economics

appliedapplication of economic theoryapplications of the theorem
Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics.
Applied economics is the application of economic theory and econometrics in specific settings.

Agent (economics)

agentsagenteconomic agent
Economics focuses on the behaviour and interactions of economic agents and how economies work.
In economics, an agent is an actor and more specifically a decision maker in a model of some aspect of the economy.

Financial economics

financial economistfinancial economistsfinance
Economic analysis can be applied throughout society, in business, finance, health care, and government.
Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade".

Mainstream economics

mainstreammainstream economistsmainstream economic
Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics.
Mainstream economics may be used to describe the body of knowledge, theories, and models of economics, as taught across universities, that are generally accepted by economists as a basis for discussion.

Health economics

health economisthealthhealth care economics
Economic analysis can be applied throughout society, in business, finance, health care, and government.
Health economics is a branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and healthcare.

Positive economics

positivepositive analysisdescribes
Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics.
Positive economics (as opposed to normative economics) is the branch of economics that concerns the description and explanation of economic phenomena.

Business economics

business economistbusinessbusiness and economics
Economic analysis can be applied throughout society, in business, finance, health care, and government.
Business economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets.

Definitions of economics

definition of economics
There are a variety of modern definitions of economics; some reflect evolving views of the subject or different views among economists.
The earlier term for 'economics' was political economy.

Normative economics

normativenormative analysisnormative theory
Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics.
Normative economics (as opposed to positive economics) is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be.

Family economics

familyeconomics of the familyeconomics of households
Economic analysis is sometimes also applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment.
The family, although recognized as fundamental from Adam Smith onward, received little systematic treatment in economics before the 1960s.

Microeconomics

microeconomicmicroeconomic theoryprice theory
Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions.
Microeconomics (from Greek prefix mikro- meaning "small" + economics) is a branch of economics that studies the behaviour of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

Classical economics

classical economistsclassicalclassical economist
On the satirical side, Thomas Carlyle (1849) coined "the dismal science" as an epithet for classical economics, in this context, commonly linked to the pessimistic analysis of Malthus (1798).
Classical economics or classical political economy is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century.

Economy

economiceconomiesnational economy
Economics focuses on the behaviour and interactions of economic agents and how economies work.
Today the range of fields of study examining the economy revolves around the social science of economics, but may include sociology (economic sociology), history (economic history), anthropology (economic anthropology), and geography (economic geography).

Gary Becker

BeckerGary S. BeckerBecker, Gary
Gary Becker, a contributor to the expansion of economics into new areas, describes the approach he favours as "combin[ing the] assumptions of maximizing behaviour, stable preferences, and market equilibrium, used relentlessly and unflinchingly."
He was a professor of economics and sociology at the University of Chicago.

Goods and services

goods or servicesgood or servicegoods, services,
Economics is the social science that studies the production, distribution, and consumption of goods and services.
Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade.

Preference (economics)

preferencespreferencepreference relation
Gary Becker, a contributor to the expansion of economics into new areas, describes the approach he favours as "combin[ing the] assumptions of maximizing behaviour, stable preferences, and market equilibrium, used relentlessly and unflinchingly."
In economics and other social sciences, preference is the ordering of alternatives based on their relative utility, a process which results in an optimal "choice" (whether real or theoretical).

Free market

free-marketfree enterprisefree markets
In theory, in a free market the aggregates (sum of) of quantity demanded by buyers and quantity supplied by sellers may reach economic equilibrium over time in reaction to price changes; in practice, various issues may prevent equilibrium, and any equilibrium reached may not necessarily be morally equitable.
In economics, a free market is a system in which the prices for goods and services are determined by the open market and by consumers.

Service (economics)

servicesserviceBusiness Services
The item traded may be a tangible product such as apples or a service such as repair services, legal counsel, or entertainment.
In economics, a service is a transaction in which no physical goods are transferred from the seller to the buyer.

The dismal science

dismal science
On the satirical side, Thomas Carlyle (1849) coined "the dismal science" as an epithet for classical economics, in this context, commonly linked to the pessimistic analysis of Malthus (1798).
"The dismal science" is a derogatory alternative name for economics coined by the Victorian historian Thomas Carlyle in the 19th century.

Alfred Marshall

MarshallMarshallianAlfred Marshall,
The discipline was renamed in the late 19th century, primarily due to Alfred Marshall, from "political economy" to "economics" as a shorter term for "economic science".
Although Marshall took economics to a more mathematically rigorous level, he did not want mathematics to overshadow economics and thus make economics irrelevant to the layman.

Perfect competition

perfectly competitiveimperfect marketperfectly competitive market
In perfectly competitive markets, no participants are large enough to have the market power to set the price of a homogeneous product.
In economics, specifically general equilibrium theory, a perfect market is defined by several idealizing conditions, collectively called perfect competition. In theoretical models where conditions of perfect competition hold, it has been theoretically demonstrated that a market will reach an equilibrium in which the quantity supplied for every product or service, including labor, equals the quantity demanded at the current price.

Political economy

political economistpolitical economicspolitical economists
The discipline was renamed in the late 19th century, primarily due to Alfred Marshall, from "political economy" to "economics" as a shorter term for "economic science".
In the late 19th century, the term "economics" gradually began to replace the term "political economy" with the rise of mathematical modelling coinciding with the publication of an influential textbook by Alfred Marshall in 1890.