Economics - Research Article from Encyclopedia of Management

This encyclopedia article consists of approximately 10 pages of information about Economics.
This section contains 2,727 words
(approx. 10 pages at 300 words per page)
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Objectives

As a science, economics must first develop an understanding of the processes by which human desires are fulfilled. Second, economics must show how causes that affect production and consumption lead to various results. Furthermore, it must draw conclusions that will serve to guide those who conduct and, in part, control economic activity.

Micro and Macro Viewsof the Economy

Microeconomics.

Microeconomics is the social science dealing in the satisfaction of human wants using limited resources. It focuses on individual units that make up the whole of the economy. It examines how households and businesses behave as individual units, not as parts of a larger whole. For instance, microeconomics studies how a household spends its money. It also studies the way in which a business determines how much of a product to produce, how to make the best use of production factors, and what pricing strategy to use. Microeconomics also...

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This section contains 2,727 words
(approx. 10 pages at 300 words per page)
Buy the Economics Encyclopedia Article
Copyrights
Encyclopedia of Management
Economics from Encyclopedia of Management. ©2005-2006 Thomson Gale, a part of the Thomson Corporation. All rights reserved.
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