Economics can be defined as the scientific study of the choices made by individuals and societies in regard to the alternative uses of scarce resources which are employed to satisfy wants. Humans devise systems to share out these scarce resources between themselves. Economists are interested in describing these systems and finding the best methods. Economics has been recognised as a special area of study for over a century. Virtually all colleges offer courses in economics and most allow students to major in the subject. Economists maintain high profiles in governments and also well-represented among the highest appointees in private sector. There has been an increasing trend for ideas and methods from economics to be applied in wider contexts. Since economic analysis focuses on decision making, it can be applied, with varying degrees of success, to any field where people are faced with alternatives–education, marriage, health, etc. This up-to-date and comprehensive work is designed to provide a useful, reliable and readable guide to the fast expanding field of economics. Besides students and academics, this valuable reference work will also be useful for bankers, corporate executives, legislators, government officials and policy planners.
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