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Economics Definition - Essay Example

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This essay discusses the definition of economics. Adam Smith defined Economics as the science of wealth. Economists define wealth as one that has “Value in use” and “Value in exchange”. Economics is the study of how wants are satisfied and decisions made when faced with limited resources…
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Download file to see previous pages The essay "Economics Definition" discusses the definition of economics. Adam Smith defined Economics as the science of wealth. Economists define wealth as one that has “Value in use” and “Value in exchange”. Economics is the study of how wants are satisfied and decisions made when faced with limited resources. Modern economics pretty much continues along Smith’s line of analysis: ‘a nation and the people do well when the economy does well, and when the economy is in crisis or doesn't do well, the nation suffers and so do the people as they don't always get the goods and services they need.’ Microeconomics is defined at the level of individual choices. This branch of economics is mainly concerned with the decisions made by individual consumers, households, and firms and how these decisions interact with each other to form the prices of goods and services and the factors of production. This is basically a bottom up approach where looking at the smaller picture individual's relationship to the economy remains the focus area. Macroeconomics is defined at the level of aggregate results in which we study the national income, employment, interest rates, goods and services produced, total income earned, exchange rates, prices etc. In this study, the national economy is studied and compared with global economics. Macroeconomics can be used to analyze how best to influence policy decisions and goals like economic growth, price stability, full employment and the attainment of a sustainable balance of payments. ...Download file to see next pages Read More
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