The Business and economics Portal
In the social sciences, economics
is the study of human choice behavior and the methodology used in making production decisions; in particular, though not limited to, how those choices and decisions determine the allocation of scarce resources and their effect on production, distribution
, and consumption
. Economics studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocations within a given set of resource constraints. Alfred Marshall
in the late 19th century informally described economics as "the study of man in the ordinary business of life."
To restate it Economics is the study of how societies allocate scarce resources amongst unlimited demand. I believe in this definition completely because this definition unlike most include clean drinking water a part of economics because it is a scarce resource. There are many more unconventional examples that should be a part of the definition that are excluded when you specifically define it the way so many people define it.
The word "economics" is from the Greek words οἶκος [oikos], meaning "family, household, estate," and νόμος [nomos], or "custom, law," and hence literally means "household management" or "management of the state." An economist is a person using economic concepts and data in the course of employment, or someone who has earned a university degree in the subject.
The field may be divided in several different ways, most popularly microeconomics (at the level of individual choices) vs. macroeconomics (aggregate results), but also descriptive vs. normative, mainstream vs. heterodox, and by subfield such as econometrics which involves the statistical and mathematical representation of the subject. All of these ways of considering the subject imply a series of assumptions have been made and that a model has been envisaged, either in the minds of the economists or in fact by means of equations, diagrams, matrices, electrical mechanical or hydraulic analogies, etc.
Economics has many direct applications in business, personal finance, and government. Theories and empirical techniques developed as a part of economics have, given that economics is fundamentally about human decision making, been applied to non-monetary choices in fields as diverse as criminal behavior, scientific research, death, politics, health, education, family, dating, etc.
In economics, business is the social science of managing people to organize and maintain collective productivity toward accomplishing particular creative and productive goals, usually to generate revenue and to increase the wealth of the business's owners.
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