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Economics - Example Papers

Economics

This article is about the social science. For other uses, see Economics (disambiguation). For a topical guide to this subject, see Outline of 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 �?�� (oikonomia, "management of a household, administration") from �?�� (oikos, "house") + �� (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 ...

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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 ...

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Economics. (2011, March 19). Retrieved November 30, 2024, from http://www.essayworld.com/essays/Economics/96319

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PAPER DETAILS

Added: 3/19/2011 07:29:37 AM
Submitted By: shermainelim
Category: Economics
Type: Premium Paper
Words: 275
Pages: 1

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