Economics

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Dictionary Says

Definition of 'Economics'

A social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants. Economics can generally be broken down into: macroeconomics, which concentrates on the behavior of the aggregate economy; and microeconomics, which focuses on individual consumers.

Economics is often referred to as "the dismal science."
Investopedia Says

Investopedia explains 'Economics'

Two of the major approaches in economics are named the classical and Keynesian approaches. Classical economists believe that markets function very well, will quickly react to any changes in equilibrium and that a "laissez faire" government policy works best.

On the other hand, Keynesian economists believe that markets react very slowly to changes in equilibrium (especial to changes in prices) and that active government intervention is sometimes the best method to get the economy back into equilibrium.

Articles Of Interest

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    The Uncertainty Of Economics: Exploring The Dismal Science

    Learning about the study of economics can help you understand why you face contradictions in the market.

  2. The Difference Between Finance And Economics

    Learn the differences between these closely related disciplines and how they inform and influence each other.

  3. Why You Can't Influence Gas Prices

    Don't believe the water-cooler talk. Big oil companies aren't to blame for high prices.

  4. Explaining The World Through Macroeconomic Analysis

    From unemployment and inflation to government policy, learn what macroeconomics measures and how it affects everyone.

  5. Understanding Supply-Side Economics

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  6. The Economics Of Pet Ownership

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  7. Save Money The Scottish Way

    Take a trip through history to learn from some (in)famously frugal Scots.

  8. The Knowledge-Experience Continuum: Where Do You Fall?

    Theory and practice are worlds apart, but problems arise when people treat them as one and the same.

  9. What's the difference between macroeconomics and microeconomics?

    Microeconomics is generally the study of individuals and business decisions, macroeconomics looks at higher up country and government decisions. Macroeconomics and microeconomics, and their wide ...

  10. Economics Basics

    Learn economics principles such as the relationship of supply and demand, elasticity, utility, and more!
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