Economics

economiceconomisteconomic theoryeconomyEconomic Scienceseconomic activityeconomic scienceeconomicallyeconomistseconomic theories
Economics is the social science that studies the production, distribution, and consumption of goods and services.wikipedia
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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.
The disciplines include, but are not limited to: anthropology, archaeology, communication studies, economics, folkloristics, history, musicology, human geography, jurisprudence, linguistics, political science, psychology, public health, and sociology.

Inflation

inflation rateprice inflationfood inflation
Macroeconomics analyzes the entire economy (meaning aggregated production, consumption, saving, and investment) and issues affecting it, including unemployment of resources (labour, capital, and land), inflation, economic growth, and the public policies that address these issues (monetary, fiscal, and other policies).
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.

Economic growth

growthGDP growthgrowth rate
Macroeconomics analyzes the entire economy (meaning aggregated production, consumption, saving, and investment) and issues affecting it, including unemployment of resources (labour, capital, and land), inflation, economic growth, and the public policies that address these issues (monetary, fiscal, and other policies).
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time.

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.

Consumption (economics)

consumptiondomestic consumptionspending
Economics is the social science that studies the production, distribution, and consumption of goods and services.
Consumption, defined as spending for acquisition of utility, is a major concept in economics and is also studied in many other social sciences.

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.

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 is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists as a basis for discussion.

Financial economics

financial economistfinancial economistsfinance
Economic analysis can be applied throughout society, in real estate, 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".

Heterodox economics

heterodoxheterodox economistsheterodox economist
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.
Heterodoxy is a term that may be used in contrast with orthodoxy in schools of economic thought or methodologies, that may be beyond neoclassical economics.

Health economics

health economisthealth expenditurehealth
Economic analysis can be applied throughout society, in real estate, 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 analysispositive 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.
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 real estate, 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.

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.

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'.

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.

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.

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.

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).

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.

Gary Becker

Gary S. BeckerNew Home EconomicsBecker
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, and was a leader of the third generation of the Chicago school of economics.

Preference (economics)

preferencespreference relationpreference
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 order that a person (an agent) gives to alternatives based on their relative utility, a process which results in an optimal "choice" (whether real or theoretical).

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.

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.

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.