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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.
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 .
The Almost Ideal Demand System (AIDS) is a consumer demand model used primarily by economists to study consumer behavior. [1] The AIDS model gives an arbitrary second-order approximation to any demand system and has many desirable qualities of demand systems.
In economics and particularly in consumer choice theory, the income-consumption curve (also called income expansion path and income offer curve) is a curve in a graph in which the quantities of two goods are plotted on the two axes; the curve is the locus of points showing the consumption bundles chosen at each of various levels of income.
The insider-outsider theory is a theory of labor economics that explains how firm behavior, national welfare, and wage negotiations are affected by a group in a more privileged position. [1] The theory was developed by Assar Lindbeck and Dennis Snower in a series of publications beginning in 1984. [1] [2] [3] Wages set by insiders [4]
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.
Economic forecasting is the process of making predictions about the economy. Forecasts can be carried out at a high level of aggregation—for example for GDP , inflation , unemployment or the fiscal deficit —or at a more disaggregated level, for specific sectors of the economy or even specific firms.
Experimental economics is the application of experimental methods [1] to study economic questions. Data collected in experiments are used to estimate effect size , test the validity of economic theories, and illuminate market mechanisms.