Economics is not a physical science, economics is a social science. Many economists are confused on this point! They foolishly attempt to describe human economic activity as physicists describe the behavior of atoms. Economics is the study of the economic behavior of human production and distribution, as well as the services we need and want.

This extensive information covers many sub-topics. These include economic history, money and finance, home economics, labor, labor and labor relations, business, economics and management, international economics, environmental economics, and other microeconomics, i.e., the study of the economic behavior of individual consumers, workers, and firms, how the economy at the aggregate level A broad division is made between the study of what works.

All of this sounds relatively straightforward, but all of this makes the dominant currents of modern economics more complicated than necessary. Instead of addressing broader questions of production and distribution, neoclassical economics focuses less on markets and exchange.

Embedded in this definition is a very peculiar definition of economic life. Deficiency is a common condition. Humans are endowed with an unlimited amount of useful resources. By trading through the market, they can maximize the welfare of that endowment, just as school children find more joy in trading their duplicate superhero cards with each other on the playground. An efficient economy is one that maximizes the utility of that initial endowment through trade. This is done regardless of how the product is distributed, what kind of goods are produced, or how rich or poor people are at the end of the day.

By defining basic economic questions in this particular way, neoclassical economics misses many important economic issues related to production, innovation, development and fairness. We will stick with this broader definition of economics, studying how humans work and what we do with the fruits of our labor. Part of this is the study of markets and exchanges, in economics economics is a 'social science', not a physical science. Many economists are confused on this point! They foolishly attempt to describe human economic activity as physicists describe the behavior of atoms. Economics is the study of the economic behavior of human production and distribution, as well as the services we need and want.

This extensive information covers many sub-topics. These include economic history, money and finance, home economics, labor, labor and labor relations, business, economics and management, international economics, environmental economics, and other microeconomics, i.e., the study of the economic behavior of individual consumers, workers, and firms, how the economy at the aggregate level A broad division is made between the study of what works.

All of this sounds relatively straightforward, but all of this makes the dominant currents of modern economics more complicated than necessary. Instead of addressing broader questions of production and distribution, neoclassical economics focuses less on markets and exchange.

Economics is the science that studies human behavior as a relationship between given ends and scarce resources with alternative uses.

Embedded in this definition is a very peculiar definition of economic life. Deficiency is a common condition. Humans are endowed with an unlimited amount of useful resources. By trading through the market, they can maximize the welfare of that endowment, just as school children find more joy in trading their duplicate superhero cards with each other on the playground. An efficient economy is one that maximizes the utility of that initial endowment through trade. This is done regardless of how the product is distributed, what kind of goods are produced, or how rich or poor people are at the end of the day.

By defining basic economic questions in this particular way, neoclassical economics misses many important economic issues related to production, innovation, development and fairness. Let's stick with the broader definition of economics: the study of how humans work and what we do with the fruits of our labor. Part of this is studying markets and exchanges - but only part. Economics also includes the study of many other things: history, technology, tradition, family, power, and conflict.