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Line 1: − + − It is generally accepted that the formal study of economics began with the Scotsman [[Adam Smith]], in his book [[An Inquiry into the Nature and Causes of the Wealth of Nations]]. The origins of the field however, lie in the [[banking]] industry, which has developed over thousands of years.{{fact}}+ + + + + + − Economics generally divides into two broad areas of study [[Macroeconomics]], which is concerned with the study of a given economy as a whole, and [[Microeconomics]], which is concerned with a particular market, or firm within that economy.+ + + + + − Examples of systems in [[macroeconomics]] are [[capitalism]], [[socialism]], and [[communism]].+ + + + + − In [[economics]], a bull market refers to a situation in which stock values are expected to rise.+ + + + + + + + + + + + − +
basic issue outline.
[[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 a social [[science]] concerned with how society allocates its limited resources. Economists normally take a [[utilitarian]] view of the world, being more concerned with the most efficient systems than with social equity, or societal values.
'''Economics''' is a social [[science]] concerned with how society produces, allocates, and consumes goods and services.
== Issues in economics ==
Economics deals with a large number of issues:
* [[Theory of value]]: What are things worth? Why are they worth what they're worth?
* [[Economic justice]]: What is a "fair" distribution of resources in a society?
* [[Economic prosperity]]: What policies encourage economic growth and development?
* [[Economic prediction]]: What can the economic realities today tell us about the economic realities of tomorrow?
=== Theory of value ===
There are a number of different "theories of value," each of which seek to explain what things are worth.
* [[Labor theory of value]]: Goods and services are worth the total labor necessary to acquire them;
* [[Randian theory of value]]: Value derives from the objective realities of an individual's situation, and reasonable goals on the part of the individual;
* [[Subjective theories of value]]: value is created and determined by subjective demand and scarcity
=== Economic justice ===
There are a number of different views on which economic outcomes are "just;"
* [[Laissez-faire capitalism]]: The idea that economic outcomes are just when individuals are free to make economic decisions without interference from government, or violation of [[property rights]];
* [[Egalitarianism]]: The idea that economic outcomes are just when all individuals do similar amounts of work, and receive similar pay;
* [[Marxism]]: The idea that economic outcomes are just when individuals produce according to their abilities and consume according to their needs;
== Disciplines within economics ==
Economics is a very broad discipline, and involves the following other disciplines as well:
* [[Moral philosophy]]: How ''ought'' a society produce and distribute goods and services?
* [[Psychology]]: What principles underlie human economic decision-making?
* [[Mathematics]]: What mathematical models can predict economic outcomes?
* [[Ecology]]: What economic policies and practices are ecologically sustainable?
==Branches of economics==
* [[Microeconomics]]: the study of economic decisions in individual people, businesses, and markets;
* [[Macroeconomics]]: the study of economic dynamics and policies in an entire economy
== History of economics==
''Main article: [[History of economics]]''
It is generally accepted that the formal study of economics began with the Scotsman [[Adam Smith]], in his book [[An Inquiry into the Nature and Causes of the Wealth of Nations]]. The origins of the field however, lie in the [[banking]] industry, which has developed over thousands of years.{{fact}}
[[Category:Economics| ]]
[[Category:Economics]]