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Clear, detailed, jargon-free definitions, written in plain English • All important new terms and slang as well as traditional economics terminology • Loads of examples and applications drawn from the worlds of business, finance, and politics • Clear, easy-to-read diagrams, charts, graphs, and illustrations that make it easy to understand This dictionary is one of many that can be found in CREDOreference
This reference source on macroeconomics embraces definitions of terms and concepts, conflicting ideological approaches and the contributions of major thinkers.
What is the Study of Economics?
"Economics is the study of how men and society choose, with or without the use of money, to employ scarce productive resources, which could have alternative uses, to produce various commodities over time and distribute them for consumption, now and in the future, among various people and groups in society." (Samuelson, P.A. 1967. Economics , 7th edn. New York: McGraw Hill, p. 5)
. . .or, as stated on the VCU Business/Economics home page: "Economics is the science of human choice, the study of how scarce resources are allocated among competing uses to satisfy human wants. Since choice is universal, economics is a unique blend of liberal arts and business." (http://business.vcu.edu/1571.html)
Why Study Economics?
Economics is a fun and challenging intellectual pursuit.
Economists study a wide and diverse array of topics.
Economics teaches skills and problem-solving techniques that employers value. Therefore students of economics find employment in a diverse array of occupations and industries, earn high salaries, and have good prospects for career advancement. Economics also appears to be a truly equal opportunity profession in that it is the one major where males and females earn almost exactly the same incomes.
Economics is excellent preparation for a wide range of graduate programs, including business, public policy and administration, law, and medicine. Economics majors tend to score well on admission tests required by graduate schools such as GMAT, GRE, and LSAT.