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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.
Socioeconomic status has long been related to health, those higher in the social hierarchy typically enjoy better health than those below. [23] Socioeconomic status is an important source of health inequity , as there is a very robust positive correlation between socioeconomic status and health.
A global issue is a matter of public concern worldwide. This list of global issues presents problems or phenomena affecting people around the world, including but not limited to widespread social issues, economic issues, and environmental issues.
There are various factors affecting economic growth. The problems of economic growth have been discussed by numerous growth models, including the Harrod-Domar model, the neoclassical growth models of Solow and Swan, and the Cambridge growth models of Kaldor and Joan Robinson. This part of the economic problem is studied in the economies of ...
Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain. Economic activity is spurred by production which uses natural resources, labor and capital.
The hold-up problem is a situation where two parties may be able to work most efficiently by cooperating but refrain from doing so because of concerns that they may give the other party increased bargaining power and thus reduce their own profits.
President-elect Donald Trump has doubled down on many of his economic promises in the weeks since his victory. In 2025 he will face formidable global players who may have other plans.
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.