What does economics stand for?

For other uses, see Economics (disambiguation). Economics ( / ˌɛkəˈnɒmɪks, ˌiːkə -/) is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.

What does economics mean in sociology?

economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. In the 19th century economics was the hobby of gentlemen of leisure and the vocation of a few academics; economists wrote about economic policy but were rarely consulted by legislators before decisions were made.

What is simple economics?

Welcome to Simply Economics. This article is the first in a series to explain economics to those who want to start to understand the subject. The Nature of Economics. Economics is a social science, which means it studies human behaviour. Economics looks at how limited resources are allocated to meet the unlimited needs and wants of a human.