Difference between revisions of "Economics"
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It is generally accepted that economics was created as a science by [[Adam Smith]], in his book [[An Inquiry into the Nature and Causes of the Wealth of Nations]]. | It is generally accepted that economics was created as a science by [[Adam Smith]], in his book [[An Inquiry into the Nature and Causes of the Wealth of Nations]]. | ||
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| + | Economics generally divides into two broad areas of study [[Macroeconomics]], which is concerned with the study of a given economy as a while, and [[Microeconomics]], which is concerned with a particular market, or firm within that economy. | ||
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Examples of systems in [[macroeconomics]] are [[capitalism]], [[socialism]], and [[communism]]. | Examples of systems in [[macroeconomics]] are [[capitalism]], [[socialism]], and [[communism]]. | ||
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Revision as of 05:58, March 15, 2007
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.
It is generally accepted that economics was created as a science by Adam Smith, in his book An Inquiry into the Nature and Causes of the Wealth of Nations.
Economics generally divides into two broad areas of study Macroeconomics, which is concerned with the study of a given economy as a while, and Microeconomics, which is concerned with a particular market, or firm within that economy.
Examples of systems in macroeconomics are capitalism, socialism, and communism.
