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Economists study trade, production and consumption decisions, such as those that occur in a traditional marketplace. Credit: Joe Mabel.

Economics is the study of the value system and rewards of a particular society.


A business is a legally recognized organizational entity designed to provide goods or services.[1]


  1. a "person's occupation, work, or trade",[2]
  2. an activity that someone is engaged in,
  3. work that has to be done or matters that have to be attended to, or
  4. the practice of making one's living by engaging in commerce

is called a business.


This image depicts units of currency issued by the United States of America. Credit: the United States government.

Def. a current medium of exchange in the form of coins and banknotes is called money.



  1. buying "and selling of goods and services on a market"[3] or
  2. an "instance of bartering items in exchange for one another"[3]

is called trade.

Theoretical economics

Def. "a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses"[4] is called economics.


Def. a science that studies the production, consumption, and transfer of wealth is called economics.


  1. The economics of entrepreneurship favors an open market.


"By virtue of exchange, one man's prosperity is beneficial to all others." -Frédéric Bastiat

See also


  1. Wikipedia: Business (disambiguation)
  2. business. San Francisco, California: Wikimedia Foundation, Inc. 11 April 2015. Retrieved 2015-05-18.
  3. 3.0 3.1 trade. San Francisco, California: Wikimedia Foundation, Inc. 14 April 2015. Retrieved 2015-05-18.
  4. Lionel Robbins (1932). An Essay on the Nature and Significance of Economic Science. London: Macmillan.

External links

  • Core Econ is a freely-available economics textbook from the United Kingdom