Theories, principles, and models that deal with how the market process (price mechanism) works. It attempts to explain how wealth is created and distributed in communities, how people allocate resources that are scarce and have many alternative uses, and other such matters that arise in dealing with human wants and their satisfaction. However, in the words of the German-born UK economist E. F. Schumaker (1911-77) "... it is inherent in the methodology of economics to ignore man's dependence on the natural world.”
Jan 21, 2010
MBA Definition-What is Economics
Theories, principles, and models that deal with how the market process (price mechanism) works. It attempts to explain how wealth is created and distributed in communities, how people allocate resources that are scarce and have many alternative uses, and other such matters that arise in dealing with human wants and their satisfaction. However, in the words of the German-born UK economist E. F. Schumaker (1911-77) "... it is inherent in the methodology of economics to ignore man's dependence on the natural world.”
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