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Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth. The word "economics" is from the Greek nomos" target="_blank" >*, "custom, law," and hence means "household management." "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.

The classic brief definition of economics, set out by Lionel Robbins in 1932, is "the science which studies human behavior as a relation between scarce means having alternative uses." Briefer yet is "the study of how people seek to satisfy needs and wants." Absent scarcity and alternative uses, there is no economic problem.Economics can also be defined as the study of "The financial aspects of human behaviour."

The subject has two broad branches: microeconomics, where the unit of analysis is the individual agent, such as a household, firm (economics jargon for a "business"), or government department, and macroeconomics, where the unit of analysis is the nation state. Another division of the subject distinguishes positive economics, which seeks to predict and explain economic phenomena, from normative economics, which orders choices and actions by some criterion; such orderings necessarily involve subjective value judgments.

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Mish's Global Economic Trend Analysis: Bloggers' Right to Free ...: ... Challenges Mortgage Blogger'.. http://bit.ly/jhdUg
bloggingtrend (amr ahmed el desouky) Sat, 07 Nov 2009 09:54:00 -0000
Mish's Global Economic Trend Analysis: Bloggers' Right to Free ...: ... Challenges Mortgage Blogger'.. http://bit.ly/jhdUg
The collective noun for bankers? Wunch - as in a wunch of bankers caused the global economic meltdown.
llewminati (Llewellyn Kriel) Sat, 07 Nov 2009 09:52:53 -0000
The collective noun for bankers? Wunch - as in a wunch of bankers caused the global economic meltdown.
A new asset bubble is being formed can lead to worldwide economic implosion (from Roubini) http://bit.ly/488Ful
Kilheure (Kilheure) Sat, 07 Nov 2009 09:52:16 -0000
A new asset bubble is being formed can lead to worldwide economic implosion (from Roubini) http://bit.ly/488Ful
Video: Chevrolet Aveo. Economic pricing and updated style make this...http://tinyurl.com/o2kvmq
ChucksAutoWorld (Chucks Auto World) Sat, 07 Nov 2009 09:51:37 -0000
Video: Chevrolet Aveo. Economic pricing and updated style make this...http://tinyurl.com/o2kvmq
#tech http://bit.ly/1IPQm0 diagram economic cycles
gadgeteria (GadgeteriaDaEsquina) Sat, 07 Nov 2009 09:51:01 -0000
#tech http://bit.ly/1IPQm0 diagram economic cycles
RT @UBCIC: Economic plan divides Quebec's native communities http://ow.ly/A78P #indigenous
funnywhitedog (Jen Rubis) Sat, 07 Nov 2009 09:50:28 -0000
RT @UBCIC: Economic plan divides Quebec's native communities http://ow.ly/A78P #indigenous

 
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