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e. Economics (/ ˌɛkəˈnɒmɪks, ˌiːkə -/) [ 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.
Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being. Thus it is on the one side a study of wealth; and on the other, and more important side, a ...
An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...
v. t. e. An economy[a] is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources. [3] A given economy is a set of processes ...
An economic system is a type of social system. The mode of production is a related concept. [2] All economic systems must confront and solve the four fundamental economic problems: What kinds and quantities of goods shall be produced: This fundamental economic problem is anchored on the theory of pricing.
v. t. e. Production and national income: Macroeconomics takes a big-picture view of the entire economy, including examining the roles of, and relationships between, firms, households and governments, and the different types of markets, such as the financial market and the labour market. Macroeconomics is a branch of economics that deals with ...
Shown is a marketplace in Delhi. Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. [1][2][3] Microeconomics focuses on the study of individual markets, sectors, or industries as ...
Capitalism portal. Business portal. v. t. e. In economics, capital goods or capital (Arabic: رأس مال) are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. [1] A typical example is the machinery used in a factory. At the macroeconomic level, "the nation's capital stock ...