Eco1
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία (oikonomia, "management of a household, administration") from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)". Political economywas the earlier name for the subject, but economists in the latter 19th century suggested 'economics' as a shorter term for 'economic science' that also avoided a narrow political-interest connotation and as similar in form to 'mathematics', 'ethics', and so forth.
A focus of the subject is how economic agents behave or interact and how economies work. Consistent with this, a primary textbook distinction is between microeconomics and macroeconomics. Microeconomics examines the behavior of basic elements in the economy, including individual agents (such as households and firms or as buyers and sellers) and markets, and their interactions. Macroeconomics analyzes the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy.
Other broad distinctions include those between positive economics (describing "what is") and normative economics(advocating "what ought to be"); between economic theory and applied economics; between rational and behavioral economics; and between mainstream economics (more "orthodox" dealing with the "rationality-individualism-equilibrium nexus") and heterodox economics (more "radical" dealing with the "institutions-history-social structure nexus").
Economic analysis may be applied throughout society, as in business, finance, health care, and government, but also to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, and science. At the turn of the 21st century, the expanding domain of economics in the social sciences has been described as economic imperialism.
Natural Science and Social Science
The social sciences include economics, political science, anthropology, criminal justice, psychology and geography. Economics is the study of how to allocate scarce resources among competing desires. It is interconnected with these disciplines. They all focus on understanding patterns of human behavior. In certain instances, economics is also related to the natural sciences, which seek to understand the physical world, and humanities, which attempt to interpret the meaning of life.
Political Science
Political science examines the theory and practice of politics, political behavior and the description and analysis of political systems. The main subfields of this discipline include American politics, political theory, comparative politics, public policy and international relations. Economics is closely related to these fields. An understanding of economic concepts is important to political scientists who study the structure and function of governments and how these nations relate to each other in the international system. In fact, international political economy is a subfield of the study of international relations.
History
Historians study past events. Their main goal is to explain and interpret the causes and effects of these events. Some approaches to the study of history include researching economic history, military history, social history, cultural history and diplomatic history. Economic historians analyze the development of entire economies. They study topics such as imperialism, class conflict, labor, the economic self-interest of individuals and industrial practices. These subjects are also studied by economists.
Human Geography
Human geography combines cultural geography with economics to explore the relationship between humans and their natural environments. They explore the broad social patterns that shape societies, both in the past and in the present. Human geographers' main focus is to study the impact of the development and evolution of societies on their physical environment. They also investigate a variety of human endeavors, such as villages, cities and trade. Similar to economists, they are concerned with topics that have an underlying economic aspect, such as urbanization and tourism.
Psychology
Psychologists study the mental processes and behaviors of individuals. They examine how people relate to each other and to their environment. Some topics psychologists study include perception, cognition, motivation, personality and behavior. Their knowledge is applied to areas of human activity including education and employment. Knowledge of psychological concepts such as motivation and behavior can help economists understand how people make economic decisions.
Mathematics
An understanding of algebra, calculus and statistics is essential to the study of economics. Economists use quantitative research methods to study economic problems such as supply and demand, economic decision making, scarcity and government intervention. These variables can be numerically quantified and statistically analyzed. This information can be used to explain current economic problems and predict future conditions.
Is economics science?
Scientific theories identify generally applicable rules that are able to predict and explain observations in the world. According to the Stanford Encyclopedia of Philosophy (SEP), modern economic theory predicts and explains behavior according to the rule that individuals act rationally to maximize the satisfaction they receive from consuming a good or service. In this sense, then, economics is a science.
Social Science
Unlike natural sciences like physics, chemistry and biology, economics does not seek to predict and explain the natural world. Rather, it seeks to predict and explain the behavior of individuals and societies. If economics is a science, then, it falls in the "social science" camp along with sociology, political science and others.
Natural Science
The SEP notes that some commentators see economics as resembling natural science due to its frequent use of theorems and axioms. It is thus possible to view economics as sitting very near the border between the natural and social sciences. However, since free will plays such a central role in economics, there is good reason to keep it out of the "natural science" category.
QUESTIONS:
What is anything that has utility or anything that satisfy human wants?
GOODS
What is the process by which market participants, in pursuing their own interest, attempts to outdo, out price, and mane over e/c other?
COMPETITION
What is the factor of production consisting of all manufactured aids to further production?
CAPITAL
What is something or someone firmly associated w/ a place or a thing?
INSTITUTION
What is the excess of our needs?
WANTS
Develop a living different from primitive time.
HUMAN ENDEAVOR
It means management of household.
OIKONOMIA
In other economic context, ECONOMICS is also describe as the science that deals w/ all activities relating to the PRODUCTION, DISTRIBUTION, MANAGEMENT of national matter for the satisfaction of human wants & desires.
It is defined as widely prevalent and highly standardized social habits.
INSTITUTION
What is chiefly devoted to the consideration of value and price?
EXCHANGE
It consists of goods and services resulting from the productive activities of the people.
INCOME
The freedom to engage in any enterprise is also indispensable in a capitalistic society.
FREE ENTERPRISE
It is all the things that have utility and are limited in quantity.
WEALTH
Consists of air, sunlight, water.
FREE GOODS
It is the creation of something specifically, wealth, capable of satisfying a need.
PRODUCTION
What is the formula of production?
O = f (L,K) [O-output, f- function of relayionship, L- labor, K- capital]
The formation of trade associations enhances faster flow of communication between firms producing similar products w/c is responsible in promoting product innovations and improve technology.
COOPERATION
It means it is individually owned.
PRIVATE PROPERTY
What is the device to form part of an ownership?
TRADEMARK
It is the goods that are limited or scarce and are acquired by excretion of more efforts.
ECONOMIC GOODS
Invention
PATENT
Literary artistic creation
COPY RIGHT
It is the division of aggregate income of any society among its members, or among the factors of production.
DISTRIBUTION
Comprises of basic needs.
NEEDS
It is the use of goods and services to satisfy wants
CONSUMPTION