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Exploring Economics

8th Edition
Robert L. Sexton
Publisher: SAGE Publications, Inc
ISBN: 9781544336329

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BuyFindarrow_forward

Exploring Economics

8th Edition
Robert L. Sexton
Publisher: SAGE Publications, Inc
ISBN: 9781544336329
Chapter 1, Problem 2P
Textbook Problem
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Write your own definition of economics. What are the main elements of the definition?

To determine

The definition of economics.

Explanation of Solution

Economics is a field of study that analyses the cost and benefit of actions by economic units such as households, firms, government, etc. This analysis regarding any action gives the optimal decision. In economics, it is assumed that individuals and any other economic units are rational. Rationality is the concept according to which any economic agent is expected to make the best choices about the trade-offs they face, given the available information set.

Alternatively, economics is the science of efficient production, allocation and distribution of limited resources among the unlimited human wants...

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