Category: Economics Definitions

In the early 1980s, economist George H.W. Bush famously referred to Ronald Reagan’s economic policies as “voodoo economics.” At the time, many people were skeptical of Reagan’s plans to dramatically reduce taxes and government spending while also increasing military spending.…

Social economics is the study of how economic activity affects and is affected by social phenomena. It is an interdisciplinary field that draws on economics, sociology, political science, and other social sciences to analyze social phenomena such as poverty, inequality, …

Normative economics is the branch of economics that deals with the evaluation of economic policies and economic theories. It is the branch of economics that deals with the setting of norms or standards. Normative economics looks at the desirability of …

Health economics is the application of economic principles to the analysis of health and health care. It is a relatively new field that emerged in the early 1970s in response to the increasing cost of health care and the need …

Economics is the study of how people use resources to satisfy their needs and wants. It is a social science that looks at the ways people produce, distribute and consume goods and services.

Kids can learn about economics by studying …

Unit economics is a term used in business to describe the economics of individual business units. In other words, it is the analysis of the revenue, costs, and profits of a specific business unit. This can be a division of …