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Definitions of Economics
A social science that studies how individuals, governments, firms and nations
make choices on allocating scarce resources to satisfy their unlimited wants.
Economics can generally be broken down into: macroeconomics, which
concentrates on the behavior of the aggregate economy; and microeconomics,
which focuses on individual consumers.
A social science concerned chiefly with description and analysis of the production,
distribution, and consumption of goods and services
The theories, principles, and models that deal with how the market process works.
It attempts to explain how wealth is created and distributed in communities, how
people allocate resources that are scarce and have many alternative uses, and
other such matters that arise in dealing with human wants and their satisfaction.
The science that deals with the production, distribution and consumption of goods
and services, or the material welfare of humankind.
AR 504 ECON 1N
REYES, SHAIRA E. | PROF. MELQUIADES ACOMULAR
AR 504 ECON 1N
REYES, SHAIRA E. | PROF. MELQUIADES ACOMULAR
economic growth Malthus advocates redistributing income to the renter and increasing
government spending. He believes that the capitalists produce more than they consume
so that the landlords can consume more than they produce.
John Stuart Mill wrote the Principles of Political Economy, which became the leading
economic textbook for forty years after it was written. He elaborated on the ideas of
David Ricardo and Adam Smith. He helped develop the ideas of economies of scale,
opportunity cost and comparative advantage in trade.
Mills analysis is fundamentally grounded in his broader
approach to economics the view that economic activity is
only a part of all activities or basically termed as Mills
Economics. Firstly, Mill identified that two forces:
competition and custom, govern the distribution of income,
and he criticized the orthodox line of English economists for
emphasizing the role of competition while almost completely
neglecting the role of custom. He pointed out that the
operation of competition in the market economy is
comparatively young historical phenomenon and that, if we
glance backward, we find that custom has traditionally
played a major role in solving the economic problems
surrounding the distribution of income.
AR 504 ECON 1N
REYES, SHAIRA E. | PROF. MELQUIADES ACOMULAR
AR 504 ECON 1N
REYES, SHAIRA E. | PROF. MELQUIADES ACOMULAR
AR 504 ECON 1N
REYES, SHAIRA E. | PROF. MELQUIADES ACOMULAR
All points considered, the contributions of the highly praised economists in their times
focused mainly on the factors of production, supply and demand and market models.
From their principles we now acquire a set of economic institutions that dominates a
given economy, from their theories, three major economic systems in the present day
societies were born. First is capitalism where the factors of production are owned by the
private individuals or corporation, second is socialism which is a bridge between
capitalism and socialism, under this system, the major factors of production distribution
and industries are owned and managed by the state, while the minor industries are
owned by the private sector, and last is communism, which is exactly the opposite of
capitalism. In the future more and more economists will be born, more theories will be
formulated for the quest of economic growth.
References:
Economics
Investopedia http://www.investopedia.com/terms/e/economics.asp#ixzz3tWLBF0Pv
http://dictionary.reference.com/browse/economics
http://www.merriam-webster.com/dictionary/economics
https://en.wikipedia.org/wiki/Lionel_Robbins
http://www.businessdictionary.com/definition/economics.html#ixzz3tWMsdhfw
http://www.thefamouspeople.com/profiles/adam-smith-615.php#gLfTysMpLVBxFxHO.99
Definition