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Asuncion , Renz Carlo P.

DEFINITION of 'Economics'A social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants. Economics can generally be broken down into: macroeconomics, which concentrates on the behavior of the aggregate economy; and microeconomics, which focuses on individual consumers.Economics is often referred to as "the dismal science."

The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics from the ancient world to the present day. It encompasses many disparate schools of economic thought. Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands. In medieval times, scholastic scholars such as Thomas Aquinas argued that it was a moral obligation of businesses to sell goods at a just price.From a personal perspective, the study of economics has provided me with a systematic framework for analyzing, researching, writing, and teaching about a wide array financial and regional economic issues. Economics has provided me with a methodology for understanding and making sense of our complex environment. As a Federal Reserve economist, one of my responsibilities is to share that knowledge through publications, presentations, and Web-based products, so that it may be beneficial to others.Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.Behind this definition are two key ideas in economics: that goods are scarce and that society must use its resources efficiently. Indeed, economics is an important subject because of the fact of scarcity and the desire for efficiency.

20 Wants

1.Entertainment 7.Love my parents , and repay them 13.Pick up a new hooby...