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Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) [1] [2] is a social science that studies the production, distribution, and consumption of goods and services. [3] [4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
Information economics is a branch of microeconomic theory that studies how information and information systems affect an economy and economic decisions. Information has special characteristics. It is easy to create but hard to trust. It is easy to spread but hard to control. It influences many decisions.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Introduction (chapter 1) in Peter S. Albin, Barriers and Bounds to Rationality: Essays on Economic Complexity and Dynamics in Interactive Systems. Princeton: Princeton University Press. Foley, D. K. (2003) Rationality and Ideology in Economics. lecture in the World Political Economy course at the Graduate Faculty of New School UM, New School.
The Oxford Encyclopedia of Economic History. 5 vols. Oxford: Oxford University Press. Archived from the original on 2011-06-29; Temin, Peter (2014). "New Economic History in Retrospect and Prospect" (PDF). Economic History and Economic Development (w20107). National Bureau of Economic Research. [permanent dead link ]
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare .
Economic methodology is the study of methods, especially the scientific method, in relation to economics, including principles underlying economic reasoning. [1] In contemporary English, 'methodology' may reference theoretical or systematic aspects of a method (or several methods).
Information economics or the economics of information is the branch of microeconomics that studies how information and information systems affect an economy and economic decisions. [ 1 ] One application considers information embodied in certain types of commodities that are "expensive to produce but cheap to reproduce."