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The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Weber argued that power can take a variety of forms. A person's power can be shown in the social order through their status, in the economic order through their class, and in the political order through their party. Thus, class, status and party are each aspects of the distribution of power within a community. [1]
Three sectors according to Fourastié Clark's sector model This figure illustrates the percentages of a country's economy made up by different sector. The figure illustrates that countries with higher levels of socio-economic development tend to have less of their economy made up of primary and secondary sectors and more emphasis in tertiary sectors.
Economics classes make extensive use of supply and demand graphs like this one to teach about markets. In this graph, S and D refer to supply and demand and P and Q refer to the price and quantity. The following outline is provided as an overview of and topical guide to economics.
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The merchant is not a source of wealth, however. The Physiocrats believed that “neither industry nor commerce generates wealth.” [2] A “plausible explanation is that the Physiocrats developed their theory in light of the actual situation of the French economy…” [2] France was an absolute monarchy with the land owners constituting 6-8% of the population and owning 50% of the land.
In April 2010, the official unemployment rate was 9.9%, but the government's broader U-6 unemployment rate was 17.1%. [183] Between February 2008 and February 2010, the number of people working part-time for economic reasons (i.e., would prefer to work full-time) increased by 4.0 million to 8.8 million, an 83% increase in part-time workers ...
[8] [9] [10] When Ronald Reagan was giving speeches to General Electric plants in the 1950s and 60s, he read Economics in One Lesson [11] which helped influence his economic philosophy. [12] [13] Economics in One Lesson was an important work for the development of neoliberalism in America. [14]