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The term economics comes from the Ancient Greek ??????µ?a (oikonomia, "management of a household, administration") from ????? (oikos, "house") + ??µ?? (nomos, "custom" or "law"), hence "rules of the house(hold)".^[1]

Current economic models developed out of the broader field of political economy in the late 19^th century, owing to a desire to use an empirical approach more akin to the physical sciences.^[2] A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."^[3] Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economic problem. The subject thus defined involves the study of choices as they are affected by incentives and resources.

Economics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business and finance but also in crime,^[4] education,^[5] the family, health, law, politics, religion,^[6] social institutions, war,^[7] science and research.^[8] The expanding domain of economics in the social sciences has been described as economic imperialism.^[9][10]

Economics Subcategories Economics Articles Thoughts on the recession and what to do about it by stephen roland Dec 05, 2008 So we’re officially in a recession now. It’s apparently been so for roughly a year. A recession, technically is when our real GDP(Gross Domestic Product), is below our potential GDP(Gross Domestic Product) for two reporting periods. In our case this ... The Economics of Self Defense by Matthew Mckernan Nov 14, 2008 The following is a letter I received "I'm a 52 year old guy who has been pretty active lifting weights for about 20 years but about a year ago I found myself in a situation where a guy suckered me and I friggin was so intimidated that I w... Poor Personal Health And A healthy Economy by Donald Plourde Jun 21, 2007 It would seem that we in the developed world have traded our health and personal freedom of choice, on what we might feel would be the best course of action to take in regards to treating our own illness’s. With more and more regulations put... Economics of Coffee by Coffee City Mar 07, 2007 The coffee economics and numbers and details related to coffee production and consumption is extremely mesmerizing for marketers. A glimpse of some of the facts is given below - Coffee consumption in North America and Europe comes to about o... World agriculture must become more sustainable by Tim Johnson Jan 31, 2006 Sustainable agriculture is an issue that many environmental scientists started pondering in recent years. The reason it is so vital is because food is something that people need for physical survival on this planet and agriculture directly deals with... Workplace Safety and Economics by Jim Staller Dec 15, 2005 It is estimated that over 40 million workers in the United States had to receive emergency medical treatment for workplace-related injuries in the year 2003. This is a staggering number when one considers the efforts most companies have put into ... Health And The Economy by Dr Randy Wysong Sep 06, 2005 Copyright 2005 Dr Randy Wysong We normally do not think that health is related to economics other than with regard to the costs of medical care. But there is another more fundamental way money impacts our wellbeing. If you could not pay...