Economics is the social science that describes the factors that determine the production, distribution and consumption of goods and services. The term economics comes from the Ancient Greek Î¿á¼°ÎºÎ¿Î½Î¿Î¼Î¯Î± from Î¿á¼¶ÎºÎ¿Ï‚ (oikos, "house") and Î½ÏŒÎ¼Î¿Ï‚ (nomos, "custom" or "law"), hence "rules of the house (hold for good management)".
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)".
EconomicsEconomicsGreek loanwordsEconomic theoriesGeneral economicsSocial sciences
London School of Economics
The London School of Economics and Political Science (informally the London School of Economics or LSE) is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London. Founded in 1895 by Fabian Society members Sidney Webb, Beatrice Webb and George Bernard Shaw, LSE joined the University of London in 1900 and degrees were first issued to its students in 1902.
London School of EconomicsAssociation of Commonwealth UniversitiesLondon School of Economics1895 establishments in EnglandEducation in WestminsterEconomics schoolsRussell GroupEducation in LondonEducational institutions established in 1895
An economy consists of the economic systems of a country or other area; the labor, capital and land resources; and the manufacturing, production, trade, distribution, and consumption of goods and services of that area. A given economy is the result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resource endowment, and ecology, as main factors.
A free market is a market where prices are determined by supply and demand, with little or no government control. Free markets contrast with controlled markets in which prices, supply or demand is directly controlled. Various economic theories require specific properties of free markets, for example, a perfect market with perfect information and perfect competition.
Free marketClassical liberalismFree marketCapitalismLibertarian theoryEconomic liberalism
Sustainable development (SD) is a pattern of economic growth in which resource use aims to meet human needs while preserving the environment so that these needs can be met not only in the present, but also for generations to come (sometimes taught as ELF-Environment, Local people, Future).
Sustainable developmentSustainable environmental designAcademic disciplinesSustainable architectureMillennium Development GoalsSustainable developmentSustainable buildingSustainable urban planningEnvironmental social science
Economics 200px Economies by region Africa · North America South America · Asia Europe · Oceania General categories Microeconomics · MacroeconomicsHistory of economic thoughtMethodology · Heterodox approaches Technical methods Mathematical · EconometricsExperimental · National accounting Fields and subfields Behavioral · Cultural · Evolutionary Growth · Development · History International · Economic systems Monetary and Financial economics Public and Welfare economics Health · Education · WelfarePopulation · Labour · PersonnelManagerial · ComputationalBusiness · Information · Game theory Industrial organization · LawAgricultural · Natural resourceEnvironmental · Ecological Urban · Rural · Regional · Geography Lists Journals · Publications Categories · Topics · Economists The economy: concept and history Business and Economics Portal This box: viewtalkedit Socioeconomics or socio-economics or social economics is an umbrella term with different usages.
SocioeconomicsEconomic sociologyGeneral economicsHeterodox economicsSocioeconomics
Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given socio-economic context or country. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment. Any kind of object or secure verifiable record that fulfills these functions can serve as money.
MoneyMonetary economicsMoneyArticles to be merged from May 2011Economic anthropology
World Economic Forum
The World Economic Forum (WEF) is a Swiss non-profit foundation, based in Cologny, Geneva. It describes itself as an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. The Forum is best known for its annual meeting in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland.
World Economic ForumOrganizations established in 197120th century in economicsOrganisations based in GenevaDavosEconomics organizationsEconomy of SwitzerlandGraubünden21st century in economics20th-century establishments in SwitzerlandGlobalizationFoundations based in Switzerland
A black market or underground economy is a market in goods or services which operates outside the formal one(s) supported by established state power. Typically the totality of such activity is referred to with the definite article as a complement to the official economies, by market for such goods and services, e.g. "the black market in bush meat" or the state jurisdiction "the black market in China".
Black marketTax evasionFinancial crimesAnti-globalizationUnderground cultureInformal economyOrganized crime terminologyCrimeRetail marketsCorruptionEthically disputed business practices
Economic growth is the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP. Growth is usually calculated in real terms, i.e. inflation-adjusted terms, in order to net out the effect of inflation on the price of the goods and services produced. In economics, "economic growth" or "economic growth theory" typically refers to growth of potential output, i.e.
Economic growthEconomic growthEconomics terminologyEconomic indicatorsWelfare economicsMacroeconomics
Saint Petersburg State University
Saint Petersburg State University (SPbSU, Russian: Санкт-Петербургский государственный университет, СПбГУ) is a Russian federal state-owned higher education institution based in Saint Petersburg and one of the oldest and largest universities in Russia. It is made up of 22 specialized faculties, 13 research institutes, the Faculty of Military Studies, the Academic Classical School, and the Department of Physical Culture and Sports. As of 2010, the university has a teaching staff of 6,855.
Saint Petersburg State University1819 establishmentsSaint Petersburg State University1724 establishmentsEducation in the Soviet UnionRecipients of the Order of the Red Banner of Labour
Wharton School of the University of Pennsylvania
The Wharton School is the business school of the University of Pennsylvania, an Ivy League university in Philadelphia, Pennsylvania. Wharton was the world’s first collegiate business school and the first business school in the United States. It was established in 1881 through a donation of Joseph Wharton. Alone and in conjunction with the other schools and colleges of the university, Wharton grants B.S. and MBA degrees, offers a Ph.D. program, and houses or co-sponsors several diploma programs.
Wharton School of the University of PennsylvaniaBusiness schools in PennsylvaniaUniversity of Pennsylvania schoolsEducational institutions established in 1881Ivy League business schools
Political economy originally was the term for studying production, buying, and selling, and their relations with law, custom, and government, as well as with the distribution of national income and wealth, including through the budget process. Political economy originated in moral philosophy. It developed in the 18th century as the study of the economies of states, polities, hence political economy.
Political economyPolitical economy
In economics, a recession is a business cycle contraction, a general slowdown in economic activity. Macroeconomic indicators such as GDP, employment, investment spending, capacity utilization, household income, business profits, and inflation fall, while bankruptcies and the unemployment rate rise. Recessions generally occur when there is a widespread drop in spending, often following an adverse supply shock or the bursting of an economic bubble.
RecessionRecessionsUnited States housing bubbleEconomic problemsBusiness cycleMacroeconomics
Cooking is the process of preparing food, often with the use of heat. Cooking techniques and ingredients vary widely across the world, reflecting unique environmental, economic, and cultural traditions. Cooks themselves also vary widely in skill and training. Cooking can also occur through chemical reactions without the presence of heat, most notably as in Ceviche, a traditional Spanish dish where fish is cooked with the acids in lemon or lime juice.
CookingHome economicsSurvival skillsCooking
A minimum wage is the lowest hourly, daily or monthly remuneration that employers may legally pay to workers. Equivalently, it is the lowest wage at which workers may sell their labor. Although minimum wage laws are in effect in many jurisdictions, differences of opinion exist about the benefits and drawbacks of a minimum wage. Supporters of the minimum wage say that it increases the standard of living of workers, reduces poverty, and forces businesses to be more efficient.
Minimum wageSocialismIncome distributionMinimum wageEmployment compensationLabor economicsLabour lawPersonal taxesSocioeconomicsMacroeconomicsLabour relations
In economics, capital, capital goods, or real capital are those already-produced durable goods that are used in production of goods or services. The capital goods are not significantly consumed, though they may depreciate in the production process. Capital is distinct from land in that capital must itself be produced by human labor before it can be a factor of production.
Capital (economics)Economics terminologyCapitalismPolitical economyCapital
Labor economics seeks to understand the functioning and dynamics of the markets for labour. Labor markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labor services (workers), the demands of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income. In economics, labor is a measure of the work done by human beings.
Labour economicsLaborLabor economicsCore issues in ethics
Macroeconomics (from Greek prefix "makros-" meaning "large" + "economics") is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. This includes national, regional, and global economies. With microeconomics, macroeconomics is one of the two most general fields in economics. Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions.
Laissez-faire is an economic environment in which transactions between private parties are free from tariffs, government subsidies, and enforced monopolies, with only enough government regulations sufficient to protect property rights against theft and aggression. The phrase laissez-faire is French and literally means "let [them them] do", but it broadly implies "let it be", or "leave it alone.
Laissez-fairePolitical theoriesClassical liberalismRight-wing politicsPolitical economyIndividualismCapitalismPaleolibertarianismFrench loanwordsPolitical movementsFrench words and phrasesMinarchismEconomic liberalism
In economics, a good is something that is intended to satisfy some wants or needs of a consumer and thus has economic utility. It is normally used in the plural form—goods—to denote tangible commodities such as products and materials. Although in economic theory all goods are considered tangible, in reality certain classes of goods, such as information, may only exist in intangible forms.
Good (economics)GoodsConsumer theorySupply chain management terms
Interest is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money, or money earned by deposited funds. When money is borrowed, interest is typically paid to the lender as a percentage of the principal, the amount owed to the lender. The percentage of the principal that is paid as a fee over a certain period of time (typically one month or year) is called the interest rate.
A Market Economy is an economy in which decisions regarding investment, production and distribution are based on supply and demand and the prices of goods and services are determined in a free price system. This is contrasted with a planned economy, where investment and production decisions are embodied in a plan of production. Market economies can range from hypothetical laissez-faire and free market variants to regulated markets and interventionist variants.
Market economyEconomiesCapitalismEconomic ideologiesEconomic liberalismEconomic systems
A business school is a university-level institution that confers degrees in Business Administration. They can also be known by such names as College of Business, College of Business Administration, School of Business, or School of Business Administration. A business school teaches topics such as accounting, administration, economics, entrepreneurship, finance, information systems, marketing, organizational behavior, public relations, strategy, human resource management, and quantitative methods.
Business schoolBusiness schoolsTypes of university or collegeManagement education
Tsinghua University (Tsinghua, colloquially known in Chinese as Qinghua, is a university in Beijing, China. The school is one of the nine universities of the C9 League. It was established in 1911 under the name "Tsinghua Xuetang" or "Tsinghua College" and was renamed the "Tsinghua School" one year later. The university section was founded in 1925 and the name "National Tsinghua University" was adopted in 1928.
Tsinghua UniversityProject 211Universities and colleges in Beijing1911 establishments in ChinaLists of people by university in ChinaHaidian DistrictProject 985Tsinghua UniversityEducational institutions established in 1911
Keynesian economics are the group of macroeconomic schools of thought based on the ideas of 20th-century economist John Maynard Keynes. Advocates of Keynesian economics argue that private sector decisions sometimes lead to inefficient macroeconomic outcomes which require active policy responses by the public sector, particularly monetary policy actions by the central bank and fiscal policy actions by the government to stabilize output over the business cycle.
Keynesian economicsEconomic theoriesKeynesian economics
Nobel Memorial Prize in Economic Sciences
The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, but officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an award for outstanding contributions to the field of economics, generally regarded as one of the most prestigious awards for that field.
Nobel Memorial Prize in Economic SciencesRoyal Swedish Academy of SciencesEconomics awardsNobel Memorial Prizes
Supply and demand
Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic equilibrium of price and quantity.
Supply and demandEconomics terminologyDemandConsumer theoryEconomics curvesEconomics laws
A planned economy is an economic system in which decisions regarding production and investment are embodied in a plan formulated by a central authority, usually by a government agency. The justification for central planning is that the consolidation of economic resources can allow for the economy to take advantage of more perfect information when making decisions regarding investment and production.
Planned economyEconomic planningEconomiesFormer communist economiesCommunismEconomic systems
Econometrics is "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations. " More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.
EconometricsEconometricsMetricsFormal sciencesMathematical and quantitative methods (economics)
Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is one of the Big Four professional services firms along with PricewaterhouseCoopers (PwC), Ernst & Young, and KPMG. Deloitte is the second largest professional services network in the world by revenue and has 182,000 employees in more than 150 countries providing audit, tax, consulting, enterprise risk and financial advisory services.
DeloitteManagement consulting firmsInternational management consulting firmsAccountancy firms of the United States1849 establishments in EnglandAccountancy firms of CanadaCompanies established in 1849Accountancy firmsAccountancy firms of the United KingdomInformation technology consulting firmsInformation technology consulting firms of the United StatesCompanies based in New York CityManagement consulting firms of the United States
Productivity is a measure of the efficiency of production. Productivity is a ratio of production output to what is required to produce it (inputs). The measure of productivity is defined as a total output per one unit of a total input. These definitions are short but too general and insufficient to make the phenomenon productivity understandable. A more detailed theory of productivity is needed, which explains the phenomenon productivity and makes it comprehensible.
ProductivityEconomic growthProduction economicsProduction and manufacturingIndustryManufacturing
California State University, Fullerton
California State University, Fullerton (also known as CSUF, CSU Fullerton, Cal State Fullerton) is a public university located in Fullerton, California. During the Fall 2007 semester, Cal State Fullerton enrolled a record-setting 37,130 students, the highest enrollment of the 23 campuses in the California State University system. As of Fall 2008, the University was the third largest in the state of California, just below UCLA and CSULB.
California State University, FullertonUniversities and colleges in Orange County, CaliforniaEducational institutions established in 1957California State UniversityAmerican Association of State Colleges and UniversitiesBig West ConferenceSchools accredited by the Western Association of Schools and CollegesCalifornia State University, FullertonEducation in Fullerton, CaliforniaAssociation of Public and Land-Grant Universities
Not to be confused with "New liberalism" - Social liberalism 40x40px The neutrality of the style of writing in this article is questioned. Please see the discussion on the talk page.
NeoliberalismPolitical theoriesPolitical economyPolitical termsEconomic liberalismMacroeconomics
Istanbul University is a prominent Turkish university located in Istanbul. The main campus is adjacent to Beyazıt Square.
Istanbul UniversityEducational institutions established in 1933FatihOttoman architectureIstanbul University
The Austrian School of economics is a school of economic thought which advocates a methodological individualist approach to economics called praxeology, the theory that money is non-neutral, the theory that interest rates and profits are determined by the interaction of diminishing marginal utility with diminishing marginal productivity of time and time preferences, the theory that the capital structure of economies consists of heterogeneous goods that have multispecific uses which must be aligned, and emphasizes the organizing power of the price mechanism.
Austrian SchoolArticles with inconsistent citation formatsEconomic theoriesHeterodox economicsAustrian SchoolLibertarian theoryConservatism in the United States
Economies of scale
In microeconomics, economies of scale refers to the cost advantages that an enterprise obtains due to expansion. There are factors that cause a producer’s average cost per unit to fall as the scale of output is increased. "Economies of scale" is a long run concept and refers to reductions in unit cost as the size of a facility and the usage levels of other inputs increase. Diseconomies of scale is the opposite.
Economies of scaleProduction economics
Economic inequality (also known as the gap between rich and poor, income inequality, wealth disparity, or wealth and income differences) comprises disparities in the distribution of economic assets (wealth) and income within or between populations or individuals. The term typically refers to inequality among individuals and groups within a society, but can also refer to inequality among countries.
Economic inequalityDistribution of wealthIncome distributionOccupy Wall StreetSocial inequalityEconomic inequalitySociological termsSocioeconomics
Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by cost-constrained firms employing available information and factors of production, in accordance with rational choice theory.
Neoclassical economicsEconomic theories
Philosophy, Politics and Economics
Philosophy, Politics and Economics (often abbreviated to PPE) is a popular interdisciplinary undergraduate/graduate degree which combines study from the three disciplines. The first institution to offer degrees in PPE was the University of Oxford and this particular course has produced a significant number of notable graduates such as David Cameron, the current Prime Minister of the United Kingdom.
Philosophy, Politics and EconomicsSubfields of political scienceGeneral economicsInterdisciplinary fieldsPhilosophy educationAcademic courses at the University of Oxford
Hungarian Academy of Sciences
The Hungarian Academy of Sciences is the most important and prestigious learned society of Hungary. Its seat is at the bank of the Danube in Budapest.
Hungarian Academy of SciencesOrganizations established in 1825National academies of sciencesHungarian cultureNational academies of arts and humanitiesOrganisations based in HungaryHungarian Academy of SciencesBuildings and structures in Budapest
Real versus nominal value (economics)
In economics, nominal value refers to an ecomomic value expressed in fixed nominal money terms (that is, in units of a currency) in a given year or series of years. By contrast, real value adjusts nominal value to remove effects of general price level price changes over time.
Real versus nominal value (economics)ValueEconomics terminologyBasic financial conceptsInflation
Economic liberalism is the ideological belief in giving all people economic freedom, and as such granting people with more basis to control their own lives and make their own mistakes. It is an economic philosophy that supports and promotes individual liberty and choice in economic matters and private property in the means of production.
Economic liberalismClassical liberalismEconomic theoriesSociocultural globalizationLiberalismEconomic liberalism
Microeconomics (from Greek prefix micro- "μικρό" meaning "small" + "economics"- "οικονομια") is a branch of economics that studies the behavior of individual households and firms in making decisions on the allocation of limited resources. Typically, it applies to markets where goods or services are bought and sold.
Wheaton College (Illinois)
Wheaton College is a private, Christian liberal arts college in Wheaton, Illinois, a suburb 25 miles (40 km) west of Chicago in the United States. The college was founded in 1860 by prominent abolitionist and pastor Jonathan Blanchard. Drawing 2,400 undergraduates from all 50 United States, 50 countries, and 55+ church denominations, Wheaton offers 40 majors in the arts and natural sciences.
Wheaton College (Illinois)Universities and colleges in DuPage County, IllinoisEvangelical seminaries and theological collegesWheaton, IllinoisNondenominational Christian universities and colleges1860 establishments in the United StatesCouncil for Christian Colleges and UniversitiesLiberal arts collegesEducational institutions established in 1860Universities and colleges in IllinoisWheaton College (Illinois)National Association of Independent Colleges and Universities membersChristian College ConsortiumNorth Central Association of Colleges and Schools
Barter is a method of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. It is usually bilateral, but may be multilateral, and usually exists parallel to monetary systems in most developed countries, though to a very limited extent. Barter usually replaces money as the method of exchange in times of monetary crisis, such as when the currency may be either unstable or simply unavailable for conducting commerce.
BarterTax avoidancePricingCommerceTradeBusiness termsSimple livingEconomic systems
David Ricardo (18 April 1772 – 11 September 1823) was an English political economist, often credited with systematising economics, and was one of the most influential of the classical economists, along with Thomas Malthus, Adam Smith, and John Stuart Mill. He was also a member of Parliament, businessman, financier and speculator, who amassed a considerable personal fortune.
David RicardoEnglish investorsUK MPs 1818–1820English JewsEnglish stock tradersInternational tradeConverts to Protestantism from Judaism1772 birthsClassical economistsEnglish UnitariansTrade economistsSpanish and Portuguese Jews1823 deathsJewish scientistsClassical liberalsUtilitariansEnglish economistsMembers of the United Kingdom Parliament for Irish constituencies (1801–1922)English QuakersUK MPs 1820–1826International economicsEnglish financiers
In economics, a depression is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe downturn than a recession, which is seen by some economists as part of the modern business cycle.
Fuel efficiency is a form of thermal efficiency, meaning the efficiency of a process that converts chemical potential energy contained in a carrier fuel into kinetic energy or work. Overall fuel efficiency may vary per device, which in turn may vary per application, and this spectrum of variance is often illustrated as a continuous energy profile.
Fuel efficiencyEnergy conservationPhysical quantitiesTransport economicsEnergy economics
Economic history is the study of economies or economic phenomena in the past. Analysis in economic history is undertaken using a combination of historical methods, statistical methods and by applying economic theory to historical situations and institutions. The topic includes business history, financial history and overlaps with areas of social history such as demographic history and labor history. Quantitative economic history is also referred to as Cliometrics.
Economic historyAcademic disciplinesEconomic history
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