Words of Wisdom:

"Indecision is the key to flexibility!" - Whatever


  • Date Submitted: 04/11/2016 08:38 PM
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economics definition

As the development of human society, economic globalization has become an inevitable tend, but what the main emphasizes of this science, what is the exactly definition of economic ? Many individuals must say they are familiar with that. Someone may explain “It is the subject teaching people how to make money”. “No! It is a science which help us separate the public wealth effectively” another one argues. Actually, not only the public but even in the professional economists, it is pretty difficult to reach an agreement about what the economics actually is (Callahan, G, 2004). A series of formulations of the economic points of view that are astounding in their variety. (Kirzner, I, 1930 ). According to a famous economist of the past, Alfred Marshall (1840-1924), “Economics is the study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being. However, Keir (1930) came up with a different point; they thought that all economics dealt with was the law of supply and demand.

However, as far as I am concerned, economic is the science of how individuals choose to use the resources. The resources could be consist of people’s ability, the talent, the tools on hand and the knowledge of how to utilize them to create useful goods and services. For instance, how a country uses its resources, how much time laborers devote to work and leisure, the outcome of investing in industries or financial products, the effect of taxes on a population and so on , all of these concern about the economic. Usually, people welling to use their resources to improve their well-being. Well-being includes the satisfaction people gain from the products and services they choose to consume, from their time spent in leisure and with family and community as well as in jobs, and the security and services provided by effective...


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