Economics Defined Essay - 619 Words

It seems as though no one has ever succeeded in neatly defining the scope of economics. Merriam-Webster online dictionary defines economics as a social science concerned chiefly with description and analysis the production, distribution, and consumption of goods and services (merriam-webster.com, 2015). Roger Arnold, states in his book â€Å"Economics,† writes â€Å"Economics is about the choices people and societies have to make. He further states more succinctly, that economics is the science of scarcity. More completely, economics is the science of how individuals and societies deal with the fact that wants are greater than the limited resources available to satisfy those wants (Arnold, 2012).† The economist Alfred Marshall, used to say that†¦show more content†¦Among other things, they seek to analyze the forces determining prices—not only the prices of goods and services, but the prices of the resources used to produce them. This means discovering what the specific thing is that governs the way in which men, machines, and land are combined in production and that determines how buyers and sellers are brought together in a functioning market (Wikipedia, 2015). Prices of various things must be interrelated; how does such a â€Å"price system† or â€Å"market mechanism† hang together, and what are the conditions necessary for its survival? These are questions in what is called â€Å"microeconomics,† the part of economics that deals with the behavior of such individuals as consumers, business firms, traders, and farmers. The other major branch of economics is â€Å"macroeconomics,† in which the focus of attention is on aggregates. In macroeconomics, the attention is focused on the level of income in the whole economy, the volume of total employment, the flow of total investment, and so forth. Here the economist is concerned with the forces determining the income of a nation or the level of total investment. The economist seeks to learn why full employment is so rarely attained and what public policies should be followed to achieve higher employment or more stability. However, these still do not exhaust the range of problemsShow MoreRelatedEconomic Development For A Defined Area908 Words   |  4 PagesEconomic development for a defined area has three primary goals—foster employment opportunities for the area’s current residents, diversify the area’s economic and employment base, and stabilize the local economy (Blakely Leigh, 2013). 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