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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

""A postcard dated July 12, 1907 showing the New Orleans Mint

The "New Orleans Mint operated as a branch of the "United States Mint from 1838 to 1861 and from 1879 to 1909. During its years of operation, it produced over 427 million gold and silver coins of nearly every American denomination, with a total face value of over "US$307 million. It was closed during most of the "American Civil War and the period called "Reconstruction. After its decommissioning as a mint, the building served a variety of purposes, including as an "assay office, a "United States Coast Guard storage facility, and a "fallout shelter. Since 1981 it has served as a branch of the Louisiana State "Museum. As of August 2006 it is closed to the public pending repairs following "Hurricane Katrina in 2005. The New Orleans Mint has been designated a "National Historic Landmark, and is currently the oldest surviving structure to have served as a U.S. Mint. Along with the "Charlotte Mint, it is one of two former mint facilities in the United States to house an "art gallery.

Selected picture

A typical "North American grain farm with farmstead in "Ontario, "Canada.
Photo credit: "Genghiskhanviet

A farm is an area of land that is devoted primarily to agricultural processes or an area of water that is devoted primarily to aquacultural processes, in order to produce and manage such "commodities as fibres, grains, livestock, or fuel. It is the basic production facility in "food production. Farms may be owned and operated by a single individual, family, community, corporation or a company. A farm can be a holding of any size from a fraction of a "hectare to several thousand hectares.

Selected economy

""North Tehran Towers.jpg

The economy of Iran is a "mixed and "transition economy with a large public sector. Some 60% of the economy is "centrally planned. It is dominated by "oil and gas production, although over "40 industries are directly involved in the "Tehran Stock Exchange, one of the best performing exchanges in the world over the past decade. With 10% of the world's "proven oil reserves and 15% of its "gas reserves, "Iran is considered an ""energy superpower".

It is the world's "eighteenth largest by "purchasing power parity (PPP) and "thirty-second by nominal "gross domestic product. The country is a member of "Next Eleven because of its high development potential.

A unique feature of Iran's economy is the presence of large religious foundations called "Bonyad, whose combined budgets represent more than 30% of "central government spending.

Selected quote

"If "competition is contrasted with energetic "co-operation in unselfish work for the public good, then even the best forms of competition are relatively "evil; while its harsher and meaner forms are hateful. And in a world in which all men were perfectly "virtuous, competition would be out of place; but so also would be "private property and every form of private right. Men would think only of their "duties; and no one would desire to have a larger share of the "comforts and "luxuries of life than his neighbours. Strong producers could easily bear a touch of hardship; so they would wish that their weaker neighbours, while producing less should consume more. Happy in this thought, they would work for the general good with all the energy, the inventiveness, and the eager initiative that belonged to them; and mankind would be victorious in contests with nature at every turn. Such is the Golden Age to which "poets and "dreamers may look forward. But in the "responsible conduct of affairs, it is worse than "folly to ignore the imperfections which still cling to "human nature.

History in general, and especially the history of "socialistic ventures, shows that ordinary men are seldom capable of pure ideal "altruism for any considerable time together; and that the exceptions are to be found only when the masterful fervour of a small band of "religious enthusiasts makes material concerns to count for nothing in comparison with the higher "faith."

"Alfred Marshall, "Principles of Economics, 1890

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11:31, 09 September, 2017 (UTC)
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3364 Steady 1.00 Steady 0.00%

On this day in Business history...

"December 11:

Did you know...

  • ...that "Valrhona, a company based in the small town of Tain l'Hermitage in the "Rhône Valley in "France, is one of the world's leading manufacturers of high-quality "chocolate?
  • ... that the "GDP deflator (implicit price deflator for GDP) is a "price index measuring changes in prices of all new, domestically produced, final goods and services in an economy.
  • ... that "Hollywood accounting is the practice of distributing the "profit earned by a large project to "corporate entities which, though distinct from the one responsible for the project itself, are typically owned by the same people, with the net result of reducing the project's profit by a substantial margin, sometimes even eliminating it altogether.


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