Economics
lastmod 2025-08-03created 2014-02-188 edits
Economics is a social science that studies economic phenomena such as production, distribution, and the consumption of goods and services. Economics aims to discover particular regularities in complex economic activity in order to explore and predict the causes and effects of economic phenomena. To this end, economists study the state of the world economy and how individuals and firms make decisions about labor, consumption, investment, employment, prices, and so on. Recessions and booms in the business cycle, and inequalities of wealth between individuals or nations, are also major areas of interest in economics.
Categories
Terms
- Market
- In economics, a market (North Korean standard language: jangmadang) is a natural social structure that has developed out of economic or economic-oriented human interaction in order to facilitate the exchange of ownership of rights, services, and products1.
See also
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References
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These are called goods. ↩