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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.
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 that ...
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 wellbeing. Thus it is on the one side a study of wealth; and on the other, and more important side, a part ...
Consumer economics. Consumer economics is a branch of economics. It is a broad field, principally concerned with microeconomic analysis behavior in units of consumers, families, or individuals (in contrast to traditional economics, which primarily studies government or business units). It sometimes also encompasses family financial planning and ...
Society portal. v. t. e. Socioeconomics (also known as social economics) is the social science that studies how economic activity affects and is shaped by social processes. In general it analyzes how modern societies progress, stagnate, or regress because of their local or regional economy, or the global economy .
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.
An economic theory that defines wealth by the amount of precious metals owned. [56] 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. [57] The length of a business cycle is the period of time containing a single boom and contraction ...
e. In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money.