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The Journal of Economic Perspectives Vol. 23, No. 1 (Winter, 2009) , pp. 221-234 (14 pages) Published By: American Economic Association https://www.jstor.org/stable/27648302 Journal Information The Journal of Economic Perspectives (JEP) attempts to fill a gap between the general interest press and most other academic economics journals. The journal aims to publish articles that will serve several goals: to synthesize and integrate lessons learned from active lines of economic research; to provide economic analysis of public policy issues; to encourage cross-fertilization of ideas among the fields of thinking; to offer readers an accessible source for state-of-the-art economic thinking; to suggest directions for future research; to provide insights and readings for classroom use; and to address issues relating to the economics profession. Articles appearing in the journal are normally solicited by the editors and associate editors. Proposals for topics and authors should be directed to the journal office. Publisher Information Once composed primarily of college and university professors in economics, the American Economic Association (AEA) now attracts 20,000+ members from academe, business, government, and consulting groups within diverse disciplines from multi-cultural backgrounds. All are professionals or graduate-level students dedicated to economics research and teaching. Rights & Usage This item is part of a JSTOR Collection. Economics What is economics all about? In general, economics can be broken into two parts: macroeconomics, which looks at how the economy works, and microeconomics, which looks at how people and businesses work. Varieties of Economics A person, a family, a business, a group, or the government can all make decisions independently. Microeconomics looks at different parts of human behaviour to figure out how people react to changes in prices and why they want certain things at certain prices. Microeconomics tries to explain why and how different things have different values, how people make financial decisions, and how they can trade, work together, and cooperate in the best way. Microeconomics looks at how supply and demand change over time and how well things are made, and how much they cost. It also looks at how people divide and share work, set up and run businesses, and deal with uncertainty, risk, and strategic game theory. Macroeconomics looks at the economy as a whole, both nationally and globally. It does this by simulating the economy with a lot of data and variables from the economy. It could be a certain part of the world, a country, a continent, or the whole world. It mostly looks at how economies grow, change, and go through cycles. Foreign trade, government fiscal and monetary policy, unemployment rates, inflation and interest rates, the growth of total production output as shown by changes in Gross Domestic Product (GDP), and business cycles that cause expansions, booms, and recessions are all looked at. There is a connection between microeconomics and macroeconomics. The sum of all microeconomic events makes up an aggregate macroeconomic event. But these two areas of economics use very different theories, models, and research methods that can make them seem to go against each other. Many economists study how to put together the basics of microeconomics with macroeconomics into theory and research. Economic Indicators Gross national product (GDP) Retail sales Industrial manufacturing Changes in prices for consumers (CPI) Which kinds of economies are there? What kinds of economics are there? What is the most important economic problem right now? Which statement is the best definition of economics economics is the study of?Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.
What statement would best complete a short definition of economics economics is the study of __ __?Definition. economics. the study of how individuals and societies choose to allocate scarce resources. scarcity. the fact that there is a limited amount of resources to satisfy unlimited wants.
Which of the following is the best definition of economics economics is ______?Answer and Explanation: The correct option is: c) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. This is the best option when it comes to defining definition.
What is the best definition of economics quizlet?Economics is best defined as the study of how people, businesses, governments, and societies. make choices to cope with scarcity.
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