Search results
Results from the WOW.Com Content Network
economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth.
What is economics? This article explains the definition of economics and the fundamental assumptions held in order to produce economic models.
The meaning of ECONOMICS is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services. How to use economics in a sentence.
Economics is a social science that focuses on the production, distribution, and consumption of goods and services. The study of economics is primarily concerned with...
Define economics. Explain the concepts of scarcity and opportunity cost and how they relate to the definition of economics. Understand the three fundamental economic questions: What should be produced? How should goods and services be produced? For whom should goods and services be produced?
What are people willing to pay for something? Is one industry doing better than another? What is the economic future of the country or world? These are important questions economists examine and it comes with a few basic terms. Supply and Demand is one of the first things we learn in economics.
In this video, we introduce the field of economics using quotes from the person that many consider to be the "father" of economics: Adam Smith. Topics include the definition of economics, microeconomics, and macroeconomics as a field and the role of assumptions in economic decisionmaking.