2007-08-30 07:58:36 · 5 answers · asked by wasey 1 in Social Science ➔ Economics
Economics is just like any broad discipline; whatever definition you try giving it, there will be at least one subdiscipline that will not match that definition. Let's take the definition Allan gave above, "Economics is the study of how scarce resources in an economy are allocated to households, firms, and governments." Right off the bat, I can think of at least one subdiscipline of economics (financial econometrics) that couldn't care less about allocation of scarce resources.
2007-08-30 12:14:56 · answer #1 · answered by NC 7 · 0⤊ 0⤋
I agree with Allen, it is about the allocation of scarce resources to firms and consumers. When economic principles are applied to non market subjects, it looks like a moral code for sociopaths.
2007-08-30 18:04:21 · answer #2 · answered by meg 7 · 0⤊ 0⤋
Personally, economics is the study of making choices in accord with the analysis on opportunity cost.
2007-08-30 16:48:26 · answer #3 · answered by Jason 4 · 0⤊ 0⤋
Economics is the study of how scarce resources in an economy are allocated to households, firms, and governments.
2007-08-30 15:26:42 · answer #4 · answered by Allan 6 · 0⤊ 0⤋
Study of nature, composition, properties, laws and classification of wealth is economics. Chemistry is study of nature, properties, laws, composition and classification of matter.
2007-09-01 02:09:41 · answer #5 · answered by bvgopinath2001 4 · 0⤊ 0⤋