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Economics Part 1 . Definition of Terms

Economics

The study that deals with how goods and services are produced distributed , and consumed refers to the term economics . It is a social science , and came from the Greek word oikos which means house and nomos which means custom or law , combining these two words together , yield to a new word which means rule of the house (hold

There had been several definitions of economics since the 19th century W . Stanley Jevons defined economics as the mechanics of utility and

self interest . During the early 20th century , Alfred Marshall gave definition to economic on his book Principles of Economics , which had became the most influential book in economics . He defined economics as the study of wealth and a study of man . Some books defined economics as the study that deals with the exchange and production . However , this definition was not usually used today because they found out that it is far beyond the bs of economics . Moreover , other books had defined economics entails the concept of choice and scarcity . The definition of economics had been widely varying since there have been so many authors who had used different words in their definition

Supply and Demand

The quantity of a product or service that a buyer wants is what was called the demand in the economic concepts . An amount a buyer is willing to buy at a given price refers to the demanded quantity of a product or a service . There is a relationship formed between the price of a certain product or service and the demanded quantity . This refers to the demand relationship

The number or quantity of a product or service the market can offer is called supply . Upon getting a certain price of a product or service the producer of that certain product or service would create a number of supplies . The quantity supplied refers to the amount those producers at a certain price , are willing to produce . The supply relationship is the relationship of the amount of product or service to be produce and supplied by a certain producer in the market and its price

Macroeconomics

The national income , unemployment , inflation , investment , and the international trade are the main concerns of the study of macroeconomics . The study and understanding of the determinants of collective patterns and trends in the economy are also involved in the study of macroeconomics . Thus , macroeconomics is defined as a branch of economics , which deals with the economy 's behavior , structure , and its performance as a whole

Microeconomics

The decision to where the limited resources are to be allocated and how its behaviors have an effect on the supply and demand for goods and services , where the prices were determined , and conversely how these supply and demands of goods and services were determined by the prices usually in places where goods and services are being bought and sold are the areas examined by microeconomics . Thus , microeconomics is defined as a branch of economics which...