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Business portal. Money portal. v. t. 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.
Basic Economics is a non-fiction book by American economist Thomas Sowell published by Basic Books in 2000. The original subtitle was A Citizen's Guide to the Economy, but from the third edition in 2007 on it was subtitled A Common Sense Guide to the Economy. [ 1][ 2][ 3] Basic Economics is focused on how societies create prosperity or poverty ...
Supply-side economics is a macroeconomic theory postulating that economic growth can be most effectively fostered by lowering taxes, decreasing regulation, and allowing free trade. [ 1][ 2] According to supply-side economics theory, consumers will benefit from greater supply of goods and services at lower prices, and employment will increase. [ 3]
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 .
In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated ...
t. e. In economics, output is the quantity and quality of goods or services produced in a given time period, within a given economic network, [ 1] whether consumed or used for further production. [ 2] The economic network may be a firm, industry, or nation. The concept of national output is essential in the field of macroeconomics.
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 ...
v. t. e. The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school. [1]
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