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Topics: Economics, Tax, Taxation in the United States Pages: 12 (2523 words) Published: March 10, 2013
* What is Economics?

Is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία (oikonomia, "management of a household, administration") from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house (hold)".

* Branches of Economics:

Behavioural economics - is the study of the effects of psychology on economic decision making.

Constitutional economics - is a research program in economics and constitutionalism that has been described as extending beyond the definition of "the economic analysis of constitutional law" in explaining the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents."

Development economics - is a branch of economics which deals with economic aspects of the development process in low-income countries.

Ecological economics - is referred to as both a Trans’ disciplinary and interdisciplinary field of academic research that aims to address the interdependence and coevolution of human economies and natural ecosystems over time and space.

Economic geography - is the study of the location, distribution and spatial organization of economic activities across the world.

Environmental economics - is a subfield of economics concerned with environmental issues.

Energy economics - is a broad scientific subject area which includes topics related to supply and use of energy in societies.

Financial economics - is the branch of economics concerned with "the allocation and deployment of economic resources, both spatially and across time, in an uncertain environment".

Information economics - or the economics of information is a branch of microeconomic theory that studies how information affects an economy and economic decisions.

International economics - describes and predicts production, trade, and investment across countries.

Labour economics - seeks to understand the functioning and dynamics of the markets for labour.

Managerial economics - is a branch of economics that applies microeconomic analysis to specific business decisions.

Resource economics - deals with the supply, demand, and allocation of the Earth's natural resources.

Urban economics - is broadly the economic study of urban areas; as such, it involves using the tools of economics to analyze urban issues such as crime, education, public transit, housing, and local government finance.

* Father of Economics

Adam Smith (5 June 1723 – 17 July 1790) was a Scottish moral philosopher and a pioneer of political economy.

* Maslow’s Hierarchy of needs

Is a theory in psychology proposed by Abraham Maslow in his 1943 paper "A Theory of Human Motivation". Maslow subsequently extended the idea to include his observations of humans' innate curiosity. His theories parallel many other theories of human developmental psychology, some of which focus on describing the stages of growth in humans. * The Factors of Production

Are the inputs to the production process.

May also refer specifically to the 'primary factors', which are stocks including land, labour (the ability to work), and capital goods applied to production.

* The Fundamental Economic Question

What to Produce?

In a true command economy, what to produce is determined by a central economic authority. In a true free market, what to produce is determined by individual choices.

How to Produce?

There are many ways to produce a good or service of equal quality. As an entrepreneur, it is important to have a clear understandingof all your alternatives.

For Whom to Produce?

All goods and services are produced for somebody to consume. In a free market, who gets what is determined by who is able to afford what at a price determined by supply and demand.

* Circular Flow in relation to...
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