I. BASICS What is economics?

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From: Amos World


economics: A social science that studies the allocation of limited resources to the production of goods and services used to satisfy consumer's unlimited wants and needs. Five notable phrases contained in this definition that need further study are: (1) social science, (2) allocation, (3) limited resources, (4) production, and (5) unlimited wants and needs.

The key difference between economics and other social sciences, such as political science, anthropology and sociology, is that economics studies human behavior related to the fundamental economic problem of scarcity. Although economic phenomenon stemming from this scarcity problem have been around since the dawn of time, Adam Smith is credited with initiating the modern study of economics in 1776 with his book, An Inquiry into the Nature and Causes of the Wealth of Nations. In addition to being taught at universities around the world, receiving annual recognition through the prestigious Nobel Prize, and residing at the root of many ongoing public policy controversies, economics is fundamental to the life of every human being every single day





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Last update Tuesday, August 24, 2004

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