Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek for oikos ("house") and nomos ("custom" or "law"), hence "rules of the house(hold)".[1]

Current economic models developed out of the broader field of political economy in the late 19th century, owing to a desire to use an empirical approach more akin to the physical sciences.[2] A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay: "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."[3] Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economic problem. The subject thus defined involves the study of choices as they are affected by incentives and resources.

Economics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business and finance but also in crime,[4] education,[5] the family, health, law, politics, religion,[6] social institutions, and war.[7] The dominating effect of economics on the social sciences been described as economic imperialism.[8][9]
Source: http://en.wikipedia.org/wiki/economics

1. Harper, Douglas (November 2001). "Online Etymology Dictionary - Economy" (HTML). Retrieved on October 27, 2007.


2. A.B. Clark, B. (1998). Political-economy: A comparative approach. Westport, CT: Preager.


3. Robbins, Lionel (1945). An Essay on the Nature and Significance of Economic Science. London: Macmillan and Co., Limited., p. 16


4. Friedman, David D. (2002). "Crime," The Concise Encyclopedia of Economics. Accessed October 21, 2007.


5. The World Bank (2007). "Economics of Education." Accessed October 21, 2007.


6. Iannaccone, Laurence R. (1998). "Introduction to the Economics of Religion," Journal of Economic Literature, 36(3), pp. 1465–1495. Accessed October 21, 2007.


7. Nordhaus, William D. (2002). "The Economic Consequences of a War with Iraq", in War with Iraq: Costs, Consequences, and Alternatives, pp. 51–85. American Academy of Arts and Sciences. Cambridge, MA. Accessed October 21, 2007.


8. A.B. Lazear, Edward P. (2000). "Economic Imperialism". Quarterly Journal Economics 115 (1): pp. 99–994.


9. Becker, Gary S. (1976). The Economic Approach to Human Behavior. Links to chapter previews. University of Chicago Press.