The Business and economics Portal
In the social sciences
is the study of human choice
behavior and the methodology used to make associated investment and production decisions; in particular, though not limited to, how those choices and decisions determine the allocation of scarce resources and their effect on production
, and consumption
. The word "economics" is from the Greek
], meaning "family, household, estate", and νόμος [nomos
], or "custom, law", and hence literally means "household management" or "management of the state". An economist
is a person using economic concepts and data in the course of employment, or someone who has earned a university degree
in the subject. Economics undergraduate courses always cover at least the two main branches:
- Microeconomics studies the behavior of individual households and firms in making decisions on the allocation of limited resources. Microeconomics applies to markets where goods or services are bought and sold. It examines how decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.
- Macroeconomics deals with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. This includes national, regional, and global economies.
However, there are also others sub-field of economics (see JEL classification codes).
In economics, economic systems is the study and analysis of organizing production, distribution, consumption and investment and the study of optimal resource allocation and institutional design. Traditionally the study of economic systems was based on a dichotomy between market economies and planned economies, but contemporary studies compare and contrast a number of different variables, such as ownership structure (Public, Private or Collective), economic coordination (planning, markets or mixed), management structure (Hierarchy versus adhocracy), the incentive system, and the level of centralization in decision-making. A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers. Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange of other goods, services, or money. Businesses may also be not-for-profit or state-owned. Management in business and organizations is the function that coordinates the efforts of people to accomplish goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization or initiative to accomplish a goal. Management is also an academic discipline, and is traditionally taught at business schools. An economy can be analyzed in terms of its economic sectors, the classic breakdown being into primary, secondary and tertiary. Economic policy refers to the actions that governments take in the economic field. It covers the systems for setting interest rates and government budget as well as the labor market regulations, national ownership, trade policy, monetary policy, fiscal policy, regulatory policy, anti-trust policy and industrial policy. In economics, sustainable development refers to development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
Actuaries are business professionals who deal with the financial impact of risk and uncertainty. Actuaries are highly trained experts with a deep understanding of financial security systems, their reasons for being, their complexity, their mathematics, and the way they work. They evaluate the likelihood of future events and design creative ways to quantify the contingent outcomes in order to minimize losses associated with uncertain undesirable events. These risks can impact both sides of the balance sheet and require asset management, liability management, and valuation skills. It takes a combination of strong analytical skills, business knowledge and understanding of both human behavior and the vagaries of information systems to design and manage programs that control risk. Actuaries work in a number of insurance disciplines, which may be classified as life, health, pensions, annuities, and asset management, social welfare programs, property, casualty, liability, general insurance and reinsurance.
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This diagram illustrates how to draw a euro symbol, based on official documentation, and has been prepared specifically for Wikipedia and released to the public domain. ADF and BCDE intersect at D. BCDE, GH, and IJ are parallel. BCDE intersects centerline at C.
"This essay has been devoted to an exposition and elaboration of a single syllogism: given that the structure of an econometric model consist of optimal decision rules of economic agents, and that optimal decision rules vary systematically with changes in the structure of series relevant to the decision maker, it follows that any change in policy will systematically alter the structure of econometric models.
For the question of short-term forecasting, or tracking ability of econometric models, we have seen that this conclusion is of only occasional significance. For issues involving policy evaluation, in contrast, it is fundamental; for it implies that comparisons of the effects of alternative policy rules using current macro-econometric models are invalid regardless of the performance of these models over the sample period or in ex-ante short-term forecasting."
- —Robert Lucas, Econometric Policy Evaluation: A Critique, 1976
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