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The term economics comes from the Ancient Greek ??????µ?a (oikonomia, "management of a household, administration") from ????? (oikos, "house") + ??µ?? (nomos, "custom" or "law"), hence "rules of the house(hold)".[1] Current economic models developed out of the broader field of political economy in the late 19th century, owing to a desire to use an empirical approach more akin to the physical sciences.[2] A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."[3] Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economic problem. The subject thus defined involves the study of choices as they are affected by incentives and resources.
Economics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business and finance but also in crime,[4] education,[5] the family, health, law, politics, religion,[6] social institutions, war,[7] science and research.[8] The expanding domain of economics in the social sciences has been described as economic imperialism.[9][10]
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Economics Subcategories
Economics Articles
Real Estate Investment in a Recession
by Brian S. Icenhower
Dec 22, 2008
Have you ever noticed how buyers flock to purchase property in droves when real estate prices are at their peak, yet buyers are relatively scarce when prices are most affordable? Notwithstanding the fact that this occurrence defies the generally acce...
Royalty Review, Alberta Real Estate - Now What?
by Joe Samson
Oct 31, 2007
By Joe Samson, Calgary REALTOR®
The world is coming to an end! Real estateprices have already dropped $45,000 in Calgary real estate in the last two months and the new royalties will cripple the Alberta ...
Wood Stove Basics
by Johnny Shaw
Jul 22, 2006
With the rising cost of fuel, we are searching for a less expensive way to heat our homes. Using wood for fuel could be your best answer. It is relatively inexpensive, can replace a major portion of your heating bill and is a renewable resource. ...
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