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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 determine "prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.
  • "Macroeconomics studies inflation, price levels, rates of growth, national income, gross domestic product and changes in unemployment of a country, rather than the more specific details that microeconomics studies.

There are also other "sub-fields of economics.

In economics, the field "economic systems studies and analyzes the organizing of production, distribution, consumption and "investment, as well as optimal resource allocation and institutional design. Traditionally, the study of economic systems was based on a "dichotomy between "market economies and "planned economies, but contemporary studies compare and contrast a number of different systems, such as "ownership structure ("public, "private or "collective), economic coordination ("planning, "markets or "mixed systems), 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.

"Economic policy comprises the actions that "governments take in the economic field. It covers the systems for setting "interest rates and the "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.

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 and "directing, and "controlling an "organization or initiative to accomplish a goal. Management is also an academic discipline, and is traditionally taught at "business schools.

Selected article

Earl William "Madman" Muntz (January 3, 1914 – June 21, 1987) was an American "businessman and "engineer who sold and promoted cars and "consumer electronics in the United States from the 1930s until his death in 1987. He was a pioneer in "television commercials with his oddball "Madman" "persona – an "alter ego who generated publicity with his unusual costumes, stunts, and outrageous claims. Muntz also pioneered car stereos by creating the Muntz "Stereo-Pak, better known as the 4-track cartridge, a predecessor to the "8-track cartridge developed by "Lear Industries.

Selected picture

A vintage travel gear seller at Marché Dauphine, "Saint-Ouen, the home to "Paris' flea market

A flea market (or swap meet) is a type of "bazaar that rents space to people who want to sell or "barter merchandise. Used goods, low quality items, and high quality items at low prices are commonplace.

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

"This essay has been devoted to an exposition and elaboration of a single "syllogism: given that the structure of an "econometric model consist of optimal "decision rules of "economic agents, and that optimal decision rules vary systematically with changes in the structure of "series relevant to the decision maker, it follows that any change in "policy will systematically alter the structure of econometric models.

For the question of short-term "forecasting, or tracking ability of econometric models, we have seen that this conclusion is of only occasional significance. For issues involving policy evaluation, in contrast, it is fundamental; for it implies that comparisons of the effects of alternative policy rules using current macro-econometric models are invalid regardless of the performance of these models over the "sample period or in ex-ante short-term forecasting."

"Robert Lucas, Econometric Policy Evaluation: A "Critique, 1976

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