color of law definition: nThe conduct of a police officer, judge, or another person clothed with governmental authority that, although it superficially appears to be within the individualâs lawful power, is actually in contravention of the law. For exampl...
What is 'Neoclassical Economics'. Neoclassical economics is an approach to economics that relates supply and demand to an individual's rationality and his ability to maximize utility or profit. Neoclassical economics also uses mathematical equations to study of various aspects of the economy.
Definition of economics. 1a : a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and servicesb : economic theory, principles, or practices sound economics. 2 : economic aspect or significance the economics of building a new stadium.