> Economics

Economics

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Economics is a social science that concerns choice among competing alternatives given scarce resources and hence trade-offs. It is the study of how people, institutions, and nations, as far as they are able to, manage their scarce resources (such as time, money and materials), make choices by comparing costs and benefits, and act purposefully upon these choices. Also, how they interact with each other, how their behavior reflects the incentives they face, and how they change their behavior in response to different incentives. Economics has such a pervasive influence in our lives that the modern age is often referred to as the age of the economist.

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Last reviewed 1/4/2012 5:25:06 PM

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