Changes

[[Image:NYSE-floor.jpg|right|thumb|Face-to-face trading on the [[New York Stock Exchange]]'s trading floor.]]

[[Image:NYSE-floor.jpg|right|thumb|Face-to-face trading on the [[New York Stock Exchange]]'s trading floor.]]

'''Economics''' is the study of opportunity.  More specifically, economics is the study of the opportunities made possible by the [[production]], [https://freeenterprisecenter.net/freedom-of-exchange distribution], and [[consumption]] of [[goods]] and [[services]]. 'Because of its primary application to government policy, it is understandable why the subject was originally known as political economy, which was its name from the time of [[Adam Smith]] to the last quarter of the nineteenth century, when the change to "economics" took place.' <ref name="capitalism.net">http://www.capitalism.net/Capitalism/Economics%20and%20Capitalism.htm</ref>

'''Economics''' is the study of opportunity.  More specifically, economics is the study of the opportunities made possible by the [[production]], [https://freeenterprisecenter.net/freedom-of-exchange distribution], and [[consumption]] of [[goods]] and [[services]]. 'Because of its primary application to government policy, it is understandable why the subject was originally known as political economy, which was its name from the time of [[Adam Smith]] to the last quarter of the nineteenth century, when the change to "economics" took place.' <ref name="capitalism.net">http://www.capitalism.net/Capitalism/Economics%20and%20Capitalism.htm</ref>

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

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

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.