economics
Definition
Theories, principles, and models that deal with how the market process (price mechanism) 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. However, in the words of the German-born UK economist E. F. Schumaker (1911-77) “... it is inherent in the methodology of economics to ignore man's dependence on the natural world.”
economics is in the Economics, Politics, & Society subject.
economics appears in the definitions of the following terms:
net investment,
utility maximization,
theory of the second best,
sustainability,
numeraire,
capital account,
mercantilism,
new classical economics,
Black Scholes option-pricing model,
Tobin's 'q' theory
and
economics appears in the other terms:
normative economics,
classical school of economics,
labor economics,
laissez-faire economics,
welfare economics,
demand side economics,
trickle down economics,
Chicago school of economics,
positive economics,
classical economics
and
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