Economics dating video

Economics is a social science concerned with the production, distribution and consumption of goods and services.It studies how individuals, businesses, governments and nations make choices on allocating resources to satisfy their wants and needs, and tries to determine how these groups should organize and coordinate efforts to achieve maximum output.Economic analysis often progresses through deductive processes, much like mathematical logic, where the implications of specific human activities are considered in a "means-ends" framework.Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the aggregate economy, and microeconomics, which focuses on individual consumers.One of the earliest recorded economic thinkers was the 8th century Greek farmer/poet Hesiod, who wrote that labor, materials and time needed to be allocated efficiently to overcome scarcity.But the founding of modern western economics occurred much later, generally credited to the publication of Scottish philosopher Adam Smith's 1776 book, "An Inquiry Into the Nature and Causes of the Wealth of Nations." The principle (and problem) of economics is that human beings occupy a world of unlimited wants and limited means.

He may have written it to describe the gloomy predictions by Thomas Robert Malthus that population growth would always outstrip the food supply, though some sources suggest Carlyle was actually targeting economist John Stuart Mill and his liberal views on race and social equality.Economics study is generally broken down into two categories. Two of the most common are Classical and Keynesian.The Classical view believes that free markets are the best way to allocate resources and the government’s role should be limited to that of a fair, strict referee.In contrast, the Keynesian approach believes that markets don’t work well at allocating resources on their own, and that governments must step in from time to time and actively reallocate resources efficiently.Some branches of economic thought emphasize empiricism in economics, rather than formal logic — specifically, macroeconomics or Marshallian microeconomics, which attempt to use the procedural observations and falsifiable tests associated with the natural sciences.

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