$civics today textbook pdf chapter 6.3$

Scottish philosopher Adam Smith (1776) defined what was then called political economy as 'an inquiry into the nature and causes of the wealth of nations', in particular as:Ī branch of the science of a statesman or legislator a plentiful revenue or subsistence for the people .

There are a variety of modern definitions of economics some reflect evolving views of the subject or different views among economists. , cited to the Ancient Greek οἰκονομικός ( oikonomikos), 'practiced in the management of a household or family' and therefore 'frugal, thrifty', which in turn comes from οἰκονομία ( oikonomia) 'household management' which in turn comes from οἶκος ( oikos 'house') and νόμος ( nomos, 'custom' or 'law'). The earlier term for the discipline was ' political economy'.Since the late 19th century, it has commonly been called 'economics'. 2.1 Thought regarding distribution of resources from antiquity through the physiocrats.It is also applied to such diverse subjects as crime, education, the family, feminism, law, philosophy, politics, religion, social institutions, war, science, and the environment. Įconomic analysis can be applied throughout society, including real estate, business, finance, health care, engineering and government. Other broad distinctions within economics include those between positive economics, describing 'what is', and normative economics, advocating 'what ought to be' between economic theory and applied economics between rational and behavioural economics and between mainstream economics and heterodox economics. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Individual agents may include, for example, households, firms, buyers, and sellers. Within mainstream economics, microeconomics is a field which analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Įconomics focuses on the behaviour and interactions of economic agents and how economies work. Economics ( / ɛ k ə ˈ n ɒ m ɪ k s, iː k ə-/) is a social science that studies the production, distribution, and consumption of goods and services.

Civics today textbook pdf chapter 6.3