Changes

Economics attempts "to explain the way in which individuals interact with one another, to use their limited resources to satisfy their alternative ends." [http://www.pbs.org/wgbh/commandingheights/shared/minitext/int_miltonfriedman.html#10]

Economics attempts "to explain the way in which individuals interact with one another, to use their limited resources to satisfy their alternative ends." [http://www.pbs.org/wgbh/commandingheights/shared/minitext/int_miltonfriedman.html#10]

It is a social [[science]], concerned with how people produce, distribute, and consume.   

It is a social [[science]], concerned with how people produce, distribute, and consume.   

Governments can be classified by their economic policy.  The [[U.S. Constitution]] provides basic protections for private property that are the foundation of American economic policy.

Governments can be classified by their economic policy.  The [[U.S. Constitution]] provides basic protections for [[private property]] that are the foundation of American economic policy.

George Reisman, Professor of Economics at Pepperdine University, wrote

George Reisman, Professor of Economics at Pepperdine University, wrote

* Economics, as the science which studies the production of wealth under a system of division of labor, is actually the science which studies the production of wealth under capitalism. [http://www.capitalism.net/Capitalism/Economics%20and%20Capitalism.htm]

* Economics, as the science which studies the production of wealth under a system of division of labor, is actually the science which studies the production of wealth under [[capitalism]]. [http://www.capitalism.net/Capitalism/Economics%20and%20Capitalism.htm]

C. Lowell Harriss, a professor of economics at Columbia, describes economics as the study of the allocation of scarce goods and services.  In market economies, this is determined by supply and demand.<ref> [http://www.nytimes.com/2008/07/13/business/13every.html?em&ex=1216440000&en=a9a6d3e97f11545f&ei=5087%0A Lessons in Love, by Way of Economics]</ref>

C. Lowell Harriss, a professor of economics at Columbia, describes economics as the study of the allocation of scarce goods and services.  In market economies, this is determined by [[supply and demand]].<ref> [http://www.nytimes.com/2008/07/13/business/13every.html?em&ex=1216440000&en=a9a6d3e97f11545f&ei=5087%0A Lessons in Love, by Way of Economics]</ref>

==Why we should study it==

==Why we should study it==