3rd October 2019

wikieducator

14

What is the root word of Economic?

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The English term 'Economics' is derived from the Greek word 'Oikonomia'. Its meaning is 'household management'. Economics was first read in ancient Greece. Aristotle, the Greek Philosopher termed Economics as a science of 'household management'.

Similarly, it is asked, what does economy of means?

An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution, or trade, and consumption of goods and services by different agents. Economic agents can be individuals, businesses, organizations, or governments.

What does economic mean in world history?

pertaining to the production, distribution, and use of income, wealth, and commodities. of or relating to the science of economics. pertaining to an economy, or system of organization or operation, especially of the process of production.

What is meant by economy of words?

2 a means or instance of this; saving. 3 sparing, restrained, or efficient use, esp. to achieve the maximum effect for the minimum effort. economy of language. a the complex of human activities concerned with the production, distribution, and consumption of goods and services.

1

What is an economic status?

Socioeconomic status (SES) is an economic and sociological combined total measure of a person's work experience and of an individual's or family's economic and social position in relation to others, based on income, education, and occupation.

2

What is the difference between micro and macro economics?

The difference between micro and macro economics is simple. Microeconomics is the study of economics at an individual, group or company level. Macroeconomics, on the other hand, is the study of a national economy as a whole. Microeconomics focuses on issues that affect individuals and companies.

3

What do you mean by the term economics?

Jean-Baptiste Say (1803), distinguishing the subject from its public-policy uses, defines it as the science of production, distribution, and consumption of wealth. Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

4

What does the word economic mean in social studies?

The social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies, or economic systems. or simply, the country's money.

5

What is the best definition of economics and why?

First is Robbins' famous all-encompassing definition of economics that is still used to define the subject today: "Economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses."

6

What is the definition of economic history?

Economic history is the study of economies or economic phenomena of the past. Analysis in economic history is undertaken using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions.

7

What is the simple definition of economics?

In its most simple and concise definition, economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services. Macroeconomics - the branch of economics that studies the overall working of a national economy.

8

What do economists study and why?

Economists study the ways a society uses scarce resources such as land, labor, raw materials, and machinery to produce goods and services. They analyze the costs and benefits of distributing and consuming these goods and services.

9

What do you mean by economic system?

Economic systems are the means by which countries and governments distribute resources and trade goods and services. They are used to control the five factors of production, including: labor, capital, entrepreneurs, physical resources and information resources.

10

What is the study of economics?

Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Behind this definition are two key ideas in economics: that goods are scarce and that society must use its resources efficiently.

11

What is the definition of economic activity?

The production, distribution, and consumption of commodities. In Gonzales v Raich a majority of the Supreme Court of the United States, under the penmanship of Justice Stevens, wrote that economics and economic activity means: " the production, distribution, and consumption of commodities."

12

What is scarcity in economics?

Scarcity is the fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs.

13

Why are study economics?

WHY STUDY ECONOMICS AS AN UNDERGRADUATE? Economics is the study of how societies, governments, businesses, households, and individuals allocate their scarce resources. Our discipline has two important features. The study of economics can also provide valuable knowledge for making decisions in everyday life.

14

What is and economics?

Economics is a social science that studies how people satisfy unlimited wants with scarce resources. It involves the analysis of choice and trade through the use of intuitive graphs and mathematical elements. The discipline is divided into two sections: microeconomics (micro) and macroeconomics (macro).

15

What is the economic problem?

The economic problem – sometimes called the basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. It assumes that human wants are unlimited, but the means to satisfy human wants are limited.

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Why economics is a social science?

Economics is the scientific study of the ownership, use, and exchange of scarce resources - often shortened to the science of scarcity. Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations.

17

What is an example of the economy?

noun. Economy is defined as the management of financial matters for a community, business or family. An example of economy is the stock market system in the United States.

18

Is money economy?

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context.

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What is an example of economics?

Economics is defined as a science that deals with the making, distributing, selling and purchasing of goods and services. An example of economics is the study of the stock market. YourDictionary definition and usage example. Copyright © 2018 by LoveToKnow Corp.

20

What do you mean by economic development?

From a policy perspective, economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community by creating and/or retaining jobs and supporting or growing incomes and the tax base.

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