Kids Definition economics singular or plural noun ec·o·nom·ics ˌek-ə-ˈnäm-iks, ˌē-kə- 1 : a social science concerned with description and analysis of the production, distrib
The meaning of ECONOMETRICS is the application of statistical methods to the study of economic data and problems.
Definition and meaning Economicsis a social science that aims to describe the factors that determine the production, distribution, and consumption of goods and services, i.e. the economy. It is the study of how we choose to use resources. Definitions of the term ‘economics’ can vary consider...
Business Cycle – definition and meaning Abusiness cycleorboom-bust cyclerefers to the alternating periods of recession and recovery. Changes in production and trade in a market economy cause these alternating periods. We often use the termtogether with the economic bubble. Economic bubbles occur whe...
, money, trade, taxes, and many other things all work together to make up aneconomy. We usually specify aneconomyby location, as in theGerman economy. But it’s common for someone to refer to theeconomyof their own country as “theeconomy.” The study ofeconomiesis calledeconomics....
economics [ ek-uh-nom-iks, ee-kuh- ] Phonetic (Standard)IPA noun (used with a singular verb)the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind. (used with a plural verb)financial considerations;economically...
Types of Business Competition The number of organizations that sell a product may affect the strength of competition. When there are many business selling a particular product, for example, price considerations and product differences are more important that when only one business is selling that prod...
theory, however, has been critiqued by some economists who argue that markets are nonethelessefficientand that individual irrationality washes out in the aggregate. The animal spirits thesis, like behavioral economics, essentially throws a monkey wrench into the assumptions of efficiency and rationality....
Main Principles of Social Justice While there is no single definition of social justice, most approaches share the broad goals of inclusion and fairness. In order to achieve those goals, they establish a set of ethical principles for a just society. ...
For a critique of standard public goods theory see Tyler Cowen, “A Public Goods Definition and Their Institutional Context: A Critique of Public Goods Theory,” Review of Social Economy, Vol. 43, n. 1 (April 1985), 5363. Also see Roy Cordato, “An Analysis of Externalities in Austrian ...