Topic:Basics of Economics

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Welcome to the Center for Study of the Basics of Economics, part of the School of Economics.

[edit] Center description

The Center for Study of the Basics of Economics is devoted to providing a user-friendly introduction to economics.

Economics, finding its roots in the Greek words oikos (house) and nomos (rule), is the study of how human beings make decisions related to scarcity. As well with trade and exchanges which occur between economic "agents," such as firms, governments, etceteras, with the most basic and fundamental agent being the individual household (hence the name), whose members then come to constitute other agents. The conceptual whole of the interactions between these agents within a political entity are what is known as an economy, and are often represented using a circular-flow diagram. However, not every economy functions in the same manner, resulting in different economic systems.

Economics may be split into two different fields: positive economics and normative economics. Positive economics studies how an economy actually functions, whether it be as a general whole (a subfield known as macroeconomics) or in more minute detail (a subfield known as microeconomics). Given that the field is a social science, there exist numerous disagreements and economic philosophies as to how economies even function. Normative economics provides further controversy, as the field considers how an economy ought to function.

[edit] Center news

23 August 2006 - Department founded!

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