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Economy
An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution, or trade[1], and consumption of goods and services by different agents. Understood in its broadest sense, 'The economy is defined as a social domain that emphasizes the practices, discourses, and material expressions associated with the production, use, and management of resources'.[2] Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain. Economic activity is spurred by production which uses natural resources, labor, and capital
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Business Economics
Business
Business
economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets.[1] A professional focus of the journal Business
Business
Economics
Economics
has been expressed as providing "practical information for people who apply economics in their jobs."[2]Contents1 Subject matter 2 Ambiguity in the use of term 3 Interpretations from various universities 4 See also 5 Notes 6 Journals 7 External linksSubject matter[edit] Business
Business
economics is concerned with economic issues and problems related to business organization, management, and strategy
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Econometrics
Econometrics
Econometrics
is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations.[1] More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference".[2] An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships".[3] The first known use of the term "econometrics" (in cognate form) was by Polish econom
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Organizational Economics
Organizational economics
Organizational economics
(also referred to as economics of organization) involves the use of economic logic and methods to understand the existence, nature, design, and performance of organizations, especially managed ones. Organizational economics
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Market (economics)
A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labor) in exchange for money from buyers. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and resource allocation in a society. Markets allow any trade-able item to be evaluated and priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights (cf. ownership) of services and goods
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Financial Economics
Financial economics
Financial economics
is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade".[1] Its concern is thus the interrelation of financial variables, such as prices, interest rates and shares, as opposed to those concerning the real economy. It has two main areas of focus:[2] asset pricing (or "investment theory") and corporate finance; the first being the perspective of providers of capital, i.e
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Managerial Economics
Managerial economics
Managerial economics
is the "application of the economic concepts and economic analysis to the problems of formulating rational managerial decisions".[1] It is sometimes referred to as business economics and is a branch of economics that applies microeconomic analysis to decision methods of businesses or other management units. As such, it bridges economic theory and economics in practice.[2] It draws heavily from quantitative techniques such as regression analysis, correlation and calculus.[3] If there is a unifying theme that runs through most of managerial economics, it is the att
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Law And Economics
Law
Law
and economics or economic analysis of law is the application of economic theory (specifically microeconomic theory) to the analysis of law that began mostly with scholars from the Chicago school of economics
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Environmental Economics
Environmental economics
Environmental economics
is a sub-field of economics that is concerned with environmental issues. Quoting from the National Bureau of Economic Research Environmental Economics
Economics
program:... Environmental Economics
Economics
... undertakes theoretical or empirical studies of the economic effects of national or local environmental policies around the world ...
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Expeditionary Economics
Expeditionary economics
Expeditionary economics
is an emerging field of economic enquiry that focuses on the rebuilding and reconstructing of economies in post-conflict nations and providing support to disaster-struck nations. The term was first introduced in 2010 in an essay by Carl Schramm, the former president and CEO of the Ewing Marion Kauffman Foundation.[1] It focuses on the need for good economic planning on the part of developed nations to help prevent the creation of failed states. It also emphasizes the need for the structuring on new firms to rebuild the national economies.[2] Since then, the theory has been used by the U.S. Government
U.S. Government
and the U.S. Army
U.S. Army
to restructure the economies of countries such as Iraq
Iraq
and Afghanistan
Afghanistan
and helping Haiti
Haiti
after its severe earthquake
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National Accounts
National accounts
National accounts
or national account systems (NAS) are the implementation of complete and consistent accounting techniques for measuring the economic activity of a nation. These include detailed underlying measures that rely on double-entry accounting. By design, such accounting makes the totals on both sides of an account equal even though they each measure different characteristics, for example production and the income from it
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Agricultural Economics
Agricultural
Agricultural
economics is an applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food and fibre—a discipline known as agricultural economics. Agricultural
Agricultural
economics was a branch of economics that specifically dealt with land usage. It focused on maximizing the crop yield while maintaining a good soil ecosystem. Throughout the 20th century the discipline expanded and the current scope of the discipline is much broader. Agricultural
Agricultural
economics today includes a variety of applied areas, having considerable overlap with conventional economics.[1][2][3][4] Agricultural
Agricultural
economists have made substantial contributions to research in economics, econometrics, development economics, and environmental economics
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Computational Economics
Computational economics
Computational economics
is a research discipline at the interface of computer science, economics, and management science.[1] This subject encompasses computational modeling of economic systems, whether agent-based,[2] general-equilibrium,[3] macroeconomic,[4] or rational-expectations,[5] computational econometrics and statistics,[6] computational finance, computational tools for the design of automated internet markets, programming tools specifically designed for computational economics, and pedagogical tools for the teaching of computational economics
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Evolutionary Economics
Evolutionary economics
Evolutionary economics
is part of mainstream economics[1] as well as a heterodox school of economic thought that is inspired by evolutionary biology. Much like mainstream economics, it stresses complex interdependencies, competition, growth, structural change, and resource constraints but differs in the approaches which are used to analyze these phenomena.[2] Evolutionary economics
Evolutionary economics
deals with the study of processes that transform economy for firms, institutions, industries, employment, production, trade and growth within, through the actions of diverse agents from experience and interactions, using evolutionary methodology[3][4]
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Education Economics
Education
Education
economics or the economics of education is the study of economic issues relating to education, including the demand for education, the financing and provision of education, and the comparative efficiency of various educational programs and policies. From early works on the relationship between schooling and labor market outcomes for individuals, the field of the economics of education has grown rapidly to cover virtually all areas with linkages to education.Contents1
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Demand
In economics, demand is the quantity of a commodity or a service that people are willing or able to buy at a certain price, per unit of time.[1] The relationship between price and quantity demanded is also known as demand curve. Preferences and choices, which underlie demand, can be represented as functions of cost, benefit, odds and other variables. Determinants of (Factors affecting) demand Innumerable factors and circumstances could affect a buyer's willingness or ability to buy a good. Some of the common factors are:Good's own price: The basic demand relationship is between potential prices of a good and the quantities that would be purchased at those prices. Generally the relationship is negative meaning that an increase in price will induce a decrease in the quantity demanded. This negative relationship is embodied in the downward slope of the consumer demand curve. The assumption of a negative relationship is reasonable and intuitive
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