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 transfer of goods and services. 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''' is the study of opportunity.  More specifically, economics is the study of the opportunities made possible by the transfer 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.' [http://www.capitalism.net/Capitalism/Economics%20and%20Capitalism.htm]

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.