Changes

Synonyms for "the flow" in this context include "market", "transactions", "making, buying, selling and consuming," and what Merriam Webster's dictionary said above: "production, distribution, and consumption."

Synonyms for "the flow" in this context include "market", "transactions", "making, buying, selling and consuming," and what Merriam Webster's dictionary said above: "production, distribution, and consumption."

Our definition can be improved.  It is inadequate because some of the most powerful concepts in our Economics course go beyond "goods and services," and include concepts like the value of time.  The word "economical" itself goes beyond "goods and services"; "economical" stands for minimizing waste in many different ways, such as avoiding wasted words.  For example, the Latin language is '''''economical''''' because it uses few words to say a great deal. But armed with a working definition, let's begin to learn about economics.

You might try to improve our definition further.  A weakness in our definition is its failure to recognize that some powerful concepts in our Economics course go beyond "goods and services," and include concepts like the value of time.  Note that the word "economical" itself goes beyond "goods and services"; "economical" stands for minimizing waste in many different ways, such as avoiding wasted words.  For example, the Latin language is described as being '''''economical''''' because it uses few words to say a great deal.

 

But that is enough about the definition of "economics"; armed with at least a working definition, let's begin to learn much more about it.

== The Study of Economics ==

== The Study of Economics ==