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Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold)."

A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay: "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economic problem. The subject thus defined involves the study of choices as they are affected by incentives and resources.

Related tags: economic thought, history, politics, white house, sociology, world bank, finance, business, edgeworth, careyhenry

Magazines: US News

The editorial staff of U.S.News

Books: The City: A Guide to London Global Financial Centre
Richard Roberts, 2004

Audience: Finance practitioners, commentators, and observers

Books: Guide to Management Ideas
Tim Hindle, 2003

This lively and authoritative guide explores the 100 ideas that have most influenced approaches to business management during the past 100 years--and which are likely to continue to do so long into th…

Books: Dealing with Financial Risk
David Shirreff, 2004

Dealing With Financial Risk is a clear and colorful guide to the peaks and crevasses of financial risk management, leading readers through the theory and practice of risk-taking. In addition, it looks…

Books: Pocket World in Figures
Economist, 2006

On a regular basis, the Economist, one of the most respected news periodicals in the world, publishes this handy guide of facts and figures. This covers many of the vital statistics of nations, multin…

Books: Innovations in Macroeconomics
Paul J.J. Welfens, 2006

Modern macroeconomics suffers from an unclear link between short-term Keynesian analysis and long-term growth modelling. Moreover, product and process innovations have been only partially integrated. …
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