what is economics?

Answer 1

Economics is the study of scarcity which is created by demand and the underlying incentives which drive the demand. By understanding the incentives which drive the economy you can understand how items are rationed and obtain an economies true value sytem.

An example is if you pay $1000 for an X-Box you value time more than money the incentive behind this transaction being that you want an X-Box more than anything else you could have with your $1000. The other side is if you decided to wait in line for 8 hours to purchase the X-Box for $500 would show that you value your $500 more than 8 hours of your time. The X-Box scarcity issue is not resolved but there are 2 types of rationing time and money. Economics shows how those decisions are made and the rationale behind them.

Answer 2

Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

Answer 3

The Science of how things get made.

you need 4 things to make something.

1. An idea of what it is you want to make.
2. Somewhere to make it.
3. Materials to make it.
4. Someone to make it.
These are known in Economic terms as
1. Enterprise
2. Land
3. Capital
4. Labour

Answer 4

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

Answer 5

Economics is NOT the study of finance, you idiot.

In the simplest way possible, economics is the study of what is made, how much of it is made, and who gets it.

Its fun!

Answer 6

economics is the branch of social science that includes the study of economy.

Answer 7

economics is the study of finance.

Answer 8

http://www.google.com/search?hl=en&q=define:+economics

Hope this helps!