and in your own words please. thank you.
2007-05-01 12:53:28 · 7 answers · asked by Anonymous in Social Science ➔ Economics
Most people think of money when they think of economics. They are missing the forest because all they see are a bunch of trees.
Economics is about VALUE. What is more imporant than what, and what you will give up for what.
And though one way of telling what people want and how much they'll give up for it is money, there are many other ways of measuring the same thing: time, stress, energy, etc, etc.
It's not about the bits of paper. It's about PEOPLE!
2007-05-01 13:05:35 · answer #1 · answered by Doctor Why 7 · 0⤊ 0⤋
Life-
No seriously economics is the study of the distribution of scarce resources, and what dosent fall into this category. In the movie a beautiful mind robert nash discovers game theory a basic strategy used in economics, and discovers it while trying to figure out a scenario to pick up women a scarce resource. Granted the discovery did not likely come about in that way but game theory surely can be applied to anything.
Economics is about decision making and looking at the long term cause and effect of everything. Granted it mostly deals with money, and other measures of value its applications in life are numerous. I am an econ major and can talk endlessly about the subject so i think i should probably cut mysef off now.
However economics is the study of the distribution of scarce resources, and the long term effects of how they should be consumed, and saved.
2007-05-01 13:37:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The text book definition : Economics is the study of human behavior with reference to the production and consumption of scarce goods and services. Thus, in my own words: economics is the study of SCARCITY. It's about how individuals and society make choices in the face of scarcity. It is how we recognize that we can't have it all and there will always be a sacrifice or "cost" to every choice we make.
2007-05-01 13:17:24 · answer #3 · answered by econgal 5 · 1⤊ 0⤋
All of the factors that lead into the flow of currency, such as jobs, taxes, time, effort. In the end you get production from the financial perspective. It's everyone's combined input and output of actions that involve money.
2007-05-01 12:59:48 · answer #4 · answered by bwonder48 4 · 0⤊ 0⤋
Esonomic is a study of resources, economic is a branch of social science in which we optimally utilize our limited resources.
2015-11-14 03:42:48 · answer #5 · answered by Imran 1 · 0⤊ 0⤋
economics is a social sceince which study the economic behaviour of the people living in the country.
2015-08-10 04:07:42 · answer #6 · answered by Fary Khan 1 · 0⤊ 0⤋
my definition of economics is a world of finance and business. and where people trade buy and sell,bid,ask,auction and much more.
2007-05-01 13:03:20 · answer #7 · answered by Anonymous · 0⤊ 0⤋