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""The New York Stock Exchange floor

In the "social sciences, "economics is the study of human "choice behavior and the methodology used to make associated investment and production decisions; in particular, though not limited to, how those choices and decisions determine the allocation of scarce resources and their effect on "production, "distribution, and "consumption. The word "economics" is from the "Greek words οἶκος [oikos], meaning "family, household, estate", and νέμω [nemo], or "distribution, allocation", hence meaning "household management" or "management of the state". An "economist is a person using economic concepts and data in the course of employment, or someone who has earned a "university degree in the subject. Economics undergraduate courses cover at least two main branches:

  • "Microeconomics studies the behavior of individual "households and "firms in making "decisions on the allocation of limited "resources. Microeconomics applies to "markets where "goods or "services are bought, and sold. It examines how decisions and behaviors affect the "supply and demand for goods and services, which determines "prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.
  • "Macroeconomics studies inflation, price levels, rate of growth, national income, gross domestic product and changes in unemployment of a company, rather than the more specific details that microeconomics studies. [[1]]

There are also other "sub-fields of economics.

In economics, "economic systems study and analyze the organizing of production, distribution, consumption and "investment. As well as, the study of optimal resource allocation and institutional design. Traditionally, the study of economic systems was based on a "dichotomy , or set, between "market economies and "planned economies, but contemporary studies compare and contrast a number of different variables, such as "ownership structure ("Public, "Private or "Collective), economic coordination ("planning, "markets or "mixed), management structure ("Hierarchy versus "adhocracy), the "incentive system, and the level of "centralization in decision-making. An economy can be analyzed in terms of its "economic sectors, the classic breakdown being into "primary, "secondary and "tertiary. A "business, also known as an enterprise or a firm, is an "organization involved in the "trade of "goods, "services, or both to "consumers. Businesses are prevalent in "capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange of other goods, services, or "money. Businesses may also be "not-for-profit or "state-owned. "Management in business and organizations is the function that coordinates the efforts of people to accomplish "goals and objectives using available resources "efficiently and "effectively. Management comprises "planning, "organizing, "staffing, "leading or "directing, and "controlling an "organization or initiative to accomplish a goal. Management is also an academic discipline, and is traditionally taught at "business schools. "Economic policy refers to the actions that "governments take in the economic field. It covers the systems for setting "interest rates and "government budget as well as the "labor market regulations, "national ownership, "trade policy, "monetary policy, "fiscal policy, "regulatory policy, "anti-trust policy and "industrial policy. In economics, "sustainable development refers to development that meets the "needs of the present without compromising the ability of future generations to meet their own needs.

Selected article

Seacology is a nonprofit 501(c)(3) "charitable organization headquartered in "Berkeley, California that focuses on preserving island ecosystems and cultures around the world. Founded in 1991, it began with the work of ethnobotanist "Paul Alan Cox, who researched tropical plants and their medicinal value in the village of "Falealupo in Samoa during the mid-1980s. When the villagers were pressured into selling logging rights to their rainforest in 1988 to build a new school, Cox and his wife offered to help secure funds for the new school in return for an agreement with the villagers to protect their forest. With the help of his friends and family, Cox secured the funds within six months, later earning him and the village chief, Fuiono Senio, the "Goldman Environmental Prize for their efforts. Word spread throughout the islands, and with increasing demand for similar projects, Cox, along with Bill Marré and Ken Murdock, decided to form Seacology and expand their work internationally.

Selected picture

"The New "Fred Meyer on Interstate on Lombard" (7404 N Interstate Ave, Portland, OR 97217).
Photo credit: "Genghiskhanviet

In commerce, a hypermarket is a "superstore combining a "supermarket and a "department store. The result is an expansive retail facility carrying a wide range of products under one roof, including full groceries lines and general merchandise. In theory, hypermarkets allow customers to satisfy all their routine shopping needs in one trip.

Selected economy

""US county household median income 2009.png

The "United States of America is the world's largest single national economy. The United States' nominal GDP was estimated to be $17.295 trillion as of Q2 2014, approximately a quarter of "nominal global GDP. Its GDP at "purchasing power parity is also the largest of any single country in the world, approximately a fifth of "the global total. The "U.S. dollar is the "currency most used in "international transactions and is the world's foremost "reserve currency. Several countries "use it as their official currency, and in many others it is the "de facto currency. Its six "largest trading partners are "Canada, "China, "Mexico, "Japan, "Germany, and "Italy.

Selected quote

"The ordinary expence of the greater part of modern "governments in time of "peace being equal or nearly equal to their ordinary "revenue, when "war comes they are both unwilling and unable to increase their revenue in proportion to the increase of their expence. They are unwilling for "fear of offending the "people, who, by so great and so sudden an increase of "taxes, would soon be disgusted with the war; and they are unable from not well knowing what taxes would be sufficient to produce the revenue wanted. The facility of "borrowing delivers them from the embarrassment which this fear and inability would otherwise occasion. By means of borrowing they are enabled, with a very moderate increase of taxes, to raise, from year to year, "money sufficient for carrying on the war, and by the practice of perpetually funding they are enabled, with the smallest possible increase of taxes, to raise annually the largest possible sum of money. In great "empires the people who live in the capital, and in the provinces remote from the scene of action, feel, many of them, scarce any inconveniency from the war; but enjoy, at their ease, the "amusement of reading in the "newspapers the exploits of their own fleets and armies. To them this amusement compensates the small difference between the taxes which they pay on account of the war, and those which they had been accustomed to pay in time of peace. They are commonly dissatisfied with the return of peace, which puts an end to their amusement, and to a thousand visionary hopes of conquest and national glory from a longer continuance of the war."

"Adam Smith, "The Wealth of Nations, 1776

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