Definition Of Economics

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Wage is the Price of Labour. In theory, wages ought to change so that the supply and demand in the labour market are always in equilibrium In practice, wages are often sticky, especially in a downward direction: when demand for labour falls, wages do not fall. In this situation, the fall in demand results in higher involuntary unemployment. A wage profile is simply the structure of wages for a given person, firm, industry, location, country, etc. (It is a more formal way of saying wage, thats all) Example: New York has a minimum wage profile of $10/hour

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i know theres a few already but theyve left a bit out... economics: is the study of the allocation of SCARCE resources and how they are used to satisfy UNLIMITED wants, i know it sounds vague but its the only definition that gets everthing in. macro economics: is the study of broad aggregates behavior in an economy, vague again i know, aggregates being big things like consumption, national income etc.. micro economics: is the study of individual units in the economy, such as a business, the supply and demand of a single product. micro- 1 thing, macro- everything

What is the best definition for economics? I would appreciate if you can give me the source of your definition. Thanks.

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'Economics' comes from the Greek word oikos, meaning "house" and nomos, meaning custom or law, Combine the two, it means "rules of the house." I means customs of managing the household. Since there is scarcity in the resources to maintain the upkeeps of the household, it becomes really necessary to plan it out. As society becomes complex, there is a need for a systematic study and planning to sustain a community of household or society.

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http://www.indiana.edu/~speaweb/perspectives/ vol5/5.pdf Good luck on your research paper.

It says that economics is a social science that analyzes the choices made by people and government in allocating scarce resourses. What is meant by scarce resources??

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To an economist, Land, Labor and Capital are the "scarce resources." There are only a limited number of resources such as workers, machines, factories, raw materials etc. Yet there are a number of different ways in which they could be used. If you have a limited supply of water, do you drink it, take a shower, water the grass or turn on the washing machine? Similarly people only have a limited amount of money. Yet they have lots of needs and wants to satisfy. With $100 dollars, do you buys DVDs or food or pay your rent? Also the Government has a limited amount of money. However, it is unable to satisfy all its wants. Does it pay for monre schools, social security, military spending or road repair? THE BASIC ECONOMIC PROBLEM ? the problem arises because resources are scarce, but human wants are unlimited.