Congratulations! You just bought a new home and itâs perfect for your family â just the right size, condition, location and neighborhood to meet your needs. Your new home is part of a homeownersâ association (HOA), so the landscaping and common areas always look beautiful and well-maintained.
Economics is a social science that assesses the relationship between the consumption and production of goods and services in an environment of finite resources. A focus of the subject is how economic agents behave or interact both individually (microeconomics) and in aggregate (macroeconomics).
economics definition. The science that deals with the production, distribution, and consumption of commodities. Note: Economics is generally understood to concern behavior that, given the scarcity of means, arises to achieve certain ends. When scarcity ceases, conventional economic theory may no longer be applicable. (See affluent society.)