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Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. Economics was formerly a hobby of gentlemen of leisure, but today there is hardly a government, international agency, or large commercial bank that does not have its own staff of economists.
macroeconomics, study of the behaviour of a national or regional economy as a whole. It is concerned with understanding economy-wide events such as the total amount of goods and services produced, the level of unemployment, and the general behaviour of prices.
ECONOMY meaning: 1 : the process or system by which goods and services are produced, sold, and bought in a country or region; 2 : careful use of money, resources, etc.
Money, a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed; as currency, it circulates anonymously from person to person and country to country, thus facilitating trade, and it is the principal measure of wealth.
Far Eastern Economic Review magazine. Find all you need to know about retirement, investing, and household finance, without the jargon or agenda. Get guidance, insight, and easy-to-understand explanations, verified to Britannica’s standards.
Over the years, economists have considered four theories to define and explain inflation: The quantity theory of money (preferred by Milton Friedman and the “Chicago School”), the demand-pull (“Keynesian”) theory, the cost-push theory, and the structural theory.
Economic system, any of the ways in which humankind has arranged for its material provisioning. Three basic types of economic system have arisen: that based on the principle of tradition, that based on central planning and command, and that based on the market.
economic system, Set of principles and techniques by which a society decides and organizes the ownership and allocation of economic resources. At one extreme, usually called a free-enterprise system, all resources are privately owned.
economic development, the process whereby simple, low-income national economies are transformed into modern industrial economies.
Depression, in economics, a major downturn in the business cycle characterized by sharp and sustained declines in economic activity; high rates of unemployment, poverty, and homelessness; massive declines in stock markets, and great reductions in international trade and capital movements.