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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.
The Society for the Advancement of Socio-Economics (SASE) is an international academic association whose members are involved in social studies of economy and economic processes. [9] The Socio-Economic Review was established as the official journal of SASE in 2003. [ 10 ]
In many countries' curricula, social studies is the combined study of humanities, the arts, and social sciences, mainly including history, economics, and civics.The term was first coined by American educators around the turn of the twentieth century as a catch-all for these subjects, as well as others which did not fit into the models of lower education in the United States such as philosophy ...
Social choice theory – the branch of economics that studies voting rules and collective decision-making; Economic geography – the study of the location, distribution and spatial organization of economic activities across the world. Labor economics – seeks to understand the functioning and dynamics of the markets for labour.
Economy from then on meant national economy as a topic for the economic activities of the citizens of a state. Industrial Revolution The first economist in the true modern meaning of the word was the Scotsman Adam Smith (1723–1790) who was inspired partly by the ideas of physiocracy , a reaction to mercantilism and also later Economics ...
Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. [ 9 ] Robbins describes the definition as not classificatory in "pick[ing] out certain kinds of behaviour" but rather analytical in "focus[ing] attention on a particular aspect of behaviour, the form imposed by the ...
In the United States, a university may offer a student who studies a social sciences field a Bachelor of Arts degree, particularly if the field is within one of the traditional liberal arts such as history, or a BSc: Bachelor of Science degree such as those given by the London School of Economics, as the social sciences constitute one of the ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...