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  • Economics

    the social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services


     Economics focuses on how individuals, governments, businesses and nations decide how to allocate scarce resources to satisfy their unlimited wants. Economics is often divided into: macroeconomics, which concentrates on the behavior of the aggregate economy; and microeconomics, which focuses on individual consumers. Two of the major approaches in economics are referred to as the classical and Keynesian approaches. Classical economists believe that markets function very well, will quickly react to any changes in equilibrium and the government should take a  "laissez faire" approach to the economy. Keynesian economists, however, believe that markets react very slowly to changes in equilibrium (especially to changes in prices) and that active government intervention is sometimes the best approach to return the economy to equilibrium.

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