Economics Definition and 195 Threads

Economics () is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements.
Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics.Economic analysis can be applied throughout society, in real estate, business, finance, health care, engineering
and government. Economic analysis is sometimes also applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment.

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  1. T

    Matrices - Economics based question

    Homework Statement An island's economy is divided into three sectors-tourism, transportation, and services. Suppose that each dollars worth of tourism output requires inputs of $0.30 from the tourism sector, $0.10 from the transportation sector, and $0.30 from the services sector; each dollars...
  2. R

    Exploring the Impact of Economics on Society

    What are your opinions on the discipline of Economics ? Do you think it has the potential to be used to help people or do you think it is simply a tool used by the rich and powerful. Is Economics a science ? Is the mathematics behind it sound ? I have friends who say it is fluff, that it...
  3. K

    Cobb-Douglas functions in economics

    [SOLVED] Cobb-Douglas functions in economics Hi. I'm an economics major. This problem isn't actually required, but I'm trying to learn more about Cobb-Douglas functions. Homework Statement...
  4. I

    Economics Math Problems: Calculus vs. Economics Analysis

    Homework Statement A friend gave me these problems to solve, believing they were calculus problems, which I did study over 10 years ago. They seem more related to economics, which I did not study. Homework Equations The Attempt at a Solution The only attempt I made was for...
  5. W

    Rigorous Economics for First Year University Students

    I'm a first year university student engaged in my first economics (macroeconomics) course, and, naturally, it isn't very extensive and makes use of a colorful textbook. Though I've been learning quite a few things, I can't help but feel that the explanations provided are too blurry. There's an...
  6. J

    Economics - demand curve, price and equilibrium

    Suppose the demand curve for apples is P=800-2Qd. Where P is the price per pound(in cents) of an apple and Qd is the quantity demanded per year(in millions of pounds). Suppose that the supply curve for apples is: p=-300+3Qs. Where P is the price per pound(in cents) of an apple and Qs is the...
  7. N

    Compound Interest: 3 Equal Ann. Repayments, $3,000 Loan, 9% Rate

    You are about to borrow $3,000 from a bank at an interest rate of 9% compounded annually. You are required to make three equal annual repayments in the amount of $1,185.16 per year, with the first repayment occurring at the end of year one. For each year, show the interest payment and principal...
  8. A

    Economics 101 Books: Beginner & Layman Guide

    Hello all, I hope some of you might be able to recommend some economic books for beginners and the layman. Sorta like the feynman lectures is for physics. The US mortgage crisis and the FED increasing interest rates, etc. just keeps me scratching my head many thanks in advance
  9. J

    Anyway, I hope that helps.Equilibrium Price and Quantity in the Orange Market

    The demand for oranges is P=200-1.25Qd The supply for oranges is P=-20+0.50Qs a)find the equilibrium quantity b)find the equilibrium price c)what would occur if the market price was set at 150 cents? Please help me get started or explain how I should do it as I have no idea where to...
  10. Astronuc

    Sustainable Economics and Ecological Psychology

    A former professor and associate of my wife has developed a new field of which I am familiar with some elements. The field is Ecological Psychology, and he has written a book entitled, "Ecological Psychology: Creating a More Earth-friendly Human Nature." The book explores the ethics of...
  11. E

    How is discrimination promoted and rationalized?

    Here are 2 resources that analyze the Economics of Discrimination. I would like to state that this is not the only view on the Economics of Discrimination. However, I did choose these resources because I have heard these economic arguments multiple times, and I noticed that they are fairly...
  12. O

    Is Long-Run Equilibrium the Same as Short-Run Equilibrium in Economics?

    If an economy is in long-run equilibrium (say that we assume it is so), can we directly infer that it is ALSO in short-run equilibrium?
  13. E

    Do you think sociology professors are to the left, economics to the right on capitali

    Do you think sociology professors are to the left, economics to the right on capitalism? I do!
  14. C

    Economics Majors & Career Advice: What's the Best Choice?

    Assuming I were to major in Economics, there are a few different specializations available: Business Economics, Macroeconomics and Finance, Economic Theory, Econometrics and Empirical Economics, and International Economics and Development. Economic Theory seems the most appealing to me...
  15. M

    Can we post questions from the subject of Economics?

    I just jumped into ask whether we can post questions from the subject of Economics on this board. Thanks!
  16. J

    Economics MBA profit maximisation toffee

    [SOLVED] Economics MBA profit maximisation toffee Hi Guys I have a total blonde moment here : The question goes : I need to determine the profit maximising equilibrium output,price and total profit under 2 conditions a) firm is monopolist b ) perfect competition ( I have the theory on...
  17. P

    Do Economic Concerns Drive All Actions in Developed Societies?

    It seems to me that people living in developed western civilisations base all their actions on economic choices, especially the lesser educated people.
  18. Loren Booda

    News Can Mass Mindset Propel Recycling Efforts to Economic Feasibility?

    Say the status quo finds it very economical to toss all garbage into the sea. An individual tries to initiate recycling, but is suppressed because his one-person effort is economically untenable as expressed in per capita terms. Many years later, with the acceptance of recycling, the process...
  19. D

    What is the Maximum Profit for a Firm with a Given Profit Curve?

    I Think I am right on a, but not quite sure on B. I put this in the calc section, because I think B needs to be solved as a dirivitive. Thank you Given a firms profit curve of: Profit= -3 + 15Q - 1.25Q^2 a) Calculate the output that would maximize the firms's profit. 15-1.25Q^2=0...
  20. W

    Economics - Outrageous Admisitrative Barriers to Trade and Australia's Economy

    Hey guys post all the stupid and outrageous barriers to trade excuses that you can find here like this one: The Belgian government in retaliation to imports of tuna cans (*i think it was that, if not something with a small packaging) decided to implement restictions that the text size had to...
  21. Andrew Mason

    The Economics of Nuclear Energy

    I am interested in comparing the cost of nuclear energy with the costs of fossil fuel and renewable fuels for electric power generation. The figures I have for fuel consumption are: 1. a 1000 mW conventional LWR nuclear plant consumes 25 Tonnes of fuel (lightly enriched uranium) a year or...
  22. R

    Is Economics as Scientific as We Think?

    Is there anybody out there defending current academic economics? Anyone who finds it relevant, useful, scientific or of any kind of value? But please first read these two accounts. http://www.irpp.org/po/archive/sep97/blaug.pdf http://www.public.iastate.edu/~c_r_p.484/postautistic.htm...
  23. I

    How Many $90 and $120 Tickets Were Sold at the Concert?

    To a music consert there were an Income of 85500$ There were 2 types of tickets sold, one that cost 90$ and one that cost 120$. Totaly there were 800 tickets sold, how many of each ticket was sold. Here I Shall use the ordinary math equation M = pxX + pyY and solve the equation, and I have...
  24. S

    Economics - Find increase of cost

    Im not sure if anyone can help me with this, I haven't seen a question like this I am guessing its easy. I tried just taking the integral and evaluating, bu tthat gave me a wrong answer. Q:The marginal cost of producing x units of a certain product is 74+1.1x-0.002x^2+0.00004x^3. Find the...
  25. M

    Economics grad switching to hard sciences

    Hi everyone. Thanks for reading this post. I'm looking for a little guidance on how someone whose training is outside the hard sciences can break into a scientific career path. I know that it will inevitably involve going to back to school, but perhaps there are jobs I could do in the mean...
  26. Mk

    GDP & GCF: What's the Difference?

    How do GDP and GCF differ? What is the difference between the kinds of GDP such as GDP PPP? I looked but didn't understand any explanations on the internet.
  27. I

    Optimizing Production with Linear Programming in Economics: A Math Question

    This is a economic math question see if you can help me out here. I've got 3 variables A,B and C and I shall get the production to be optimal I have there variables This is the forumla = Z = 800A+ 550B +400C Under these condition it shall work 14A+10B+8C=<4500 12A+7C=<1000...
  28. Q

    A question about Economics & Style

    Hey all, I'm not sure if this is the right section to post in, but here goes. I edit economics papers for an economics institute. I don't have a background in economics, and the papers are written by non-native English speakers, so a lot of the time there is confusion as to whether what I'm...
  29. wasteofo2

    Simple economics question that I can't get a good answer to.

    Why is it that when you're showing a graph in anything relating to economics, Price is on the Y axis and Quantity is on the X axis? Doesn't it seem that the quantity is dependent upon the price, rather than the opposite? I realize that neither one nor the other is totally independent or totally...
  30. C

    What is the best forum for discussing macroeconomics?

    Does anybody know of a good forum/resource like physics forum that discusses economics (specifically macroeconomics)? Thanks
  31. A

    Linear Programming -OR- Engineering Economics?

    As an elective for undergraduate Chem Engineer, which would be better to have? Thanks. -A
  32. D

    News Exploring Socialist Economics: Ideas & Resources for 30-Minute Seminar

    Can anyone inform me about how socialism works economically - or if it does/has at all? I want to do a 30 minute seminar on Socialism for English; however, I'm not sure how to present the theory postively from an economic standpoint. Everyone knows capitalism because it has been taught to...
  33. G

    Interesting Economics That I Learned-Big Government is Better

    From the Investment savingings model (IS) equation GDP (Y) is a function of consumption C, Investment I, and government spending G Y=C(y,r)+I(r)+G Consumption is a function of disposable income (income minus tax. national income is also the same as GDP) y which is y=Y-T and the interest...
  34. S

    Understanding Social Surplus in Economics for Beginners

    I'm in first-year business school, and am taking economics for the first time. I'm not too clear on what exactly a social surplus is? Can anyone explain using simple examples, just so that I may have this clarified? Thanx
  35. marcus

    ECONOMICS: It's stupid to be afraid (Lee Kuan Yew to Der Spiegel)

    In case anyone is interested in the 21st Cent role of China in world economy here is an interview with a smart realistic guy: DER SPIEGEL INTERVIEW WITH SINGAPORE'S LEE KUAN YEW "It's Stupid to be Afraid" Singapore's first-ever prime minister, long-time government head and current...
  36. I

    What is the true impact of free trade agreements on the American economy?

    I was watching a program last night on PBS about the ongoing debate regarding free trade and agreements such as NAFTA and now CAFTA. I consider myself a fiscal conservative, and while I favor free trade in general, so far I find myself very concerned about such trade agreements. Though the...
  37. J

    Help Me Understand Economics: 4 Problems I Don't Get

    Four out of eight problems I do not understand. These are the four problems: 1. Given Utility function----Max utility S.T. Budget curve a. How demand changes if p_{1}p_{2}M change whether the good is normal, regular, ordinary b. find demand function x_1x_2 2. Given product...
  38. S

    Economics - Progressive Income Tax

    I'm preparing a debate in economics regarding taxes, and was told to examine progressive income tax. I'm yet to find out what side I am debating, so i am listing and trying to understand some points for and against it. All i have is one point against it - PITs are unfair in that people who...
  39. E

    How Can Sheryl Maximize Her Lotto Winnings for Long-Term Financial Security?

    I got this please help! Scenario: You are a financial advisor employed by a well-respected firm of stockbrokers, Krook and Dodgy. A large lotto winner, Sheryl, has approached your firm for advice on what to do with her winnings. Sheryl is in her early forties, has three teenage children, is...
  40. Norman

    Economics of artificial societies

    So after reading an article on slashdot about World of Warcraft (WOW) and how people are mining gold in the game then selling the gold on ebay to other players for ingame use, I got to thinking on if there were any studies done on these artificial worlds and their economics? I tried searching...
  41. S

    Opinion on Economics: Social Science Coolest & Most Popular

    Hey What is your opinion on economics i think it is the coolest of the social sciences but i always wondered how scientifc it was and as a side note from your experince what is it like to study economics? from all i know it is definately one of the most populur and challenging of the social...
  42. P

    Programs What's an economics major to do?

    What's an economics major to do? :) Hey all, I really need some help. I am currently an sophomore at a low-to-middle tier 2 school (I'm going there on full scholarship). I'm double majoring in Economics and Mathematics, and want to go to a good grad school for either subject (preferably...
  43. wasteofo2

    News Someone versed in economics explain what's wrong with this idea please.

    I was discussing why I think the minimum wage should be raised with someone, and I came to this conclusion. I think the minimum wage should be raised, but not universally. I think that there's no problem with paying teenagers a small wage, considering their parents are paying for most everything...
  44. D

    How Are Economic Theories Validated?

    it seems to me that in economics there are a huge number of possibly factors but a small number of results so how are theories checked for validity? if something is good for an economy it should add up to a higher GDP or quality of living but I find it hard to imagine getting anything but a far...
  45. P

    Medicine, Biology, Chemistry, Economics and Mathematics?

    Post anything you know about any other real life applications to Mathematics.
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