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The allocation of scarce resources that have alternative uses.
Everyone should have a basic understanding of economics to be an educated citizen
by Thomas Sowell July 06, 2005
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Apr 22 Word of the Day
When you eat dirt for the first time and leave your family to build a shack in the woods
Bro since I got dirtpilled on Tuesday I have made sooo many worm friends and made them soo many little houses to get married in. Me? Lonely? No you’re the lonely one u lawn owning freak
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by ecogoth December 30, 2020
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The study of choice in the face of scarcity.
Ignorant people who post idiotic definitions have scarce resources.
by Adam Smith April 25, 2005
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Economics is a social science, that is concerned with meeting 'unlimited demands with only scarce resources'. Economics relies on the assumption that everyone wants more and more money, goods and services = we are all a bunch of greedy mo' fo's. Hence the concept is accurate, and will continue to be taught in colleges everwhere for years to come. Noteable masters include the venerable Daddy G, of Peterborough fame.
A: how much are these bananas?
B: Β£2
A: Fine, I buy them off that illegal immigrant for Β£1.50

Hence the laws of Supply and Demand are and the concept of economics is satisfied.
by Whittlesey Warrior May 27, 2006
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The study of fufilling ones unlimited wants using the Earth's limited resources.
"It's pure economics! Since our resource of TV writers is scarce, we're stuck with crappy reality shows!"
by Xopher April 20, 2005
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a "science" created by a group of middle-aged, bearded men called "economists" to ensure that anything they say can never be proven wrong
Steve: Dude, you really f'd up on that predication!
Economist: Well if one looks at it from a non-inflationary enviorment, disregarding the laffer curve, then my hypothesis was in fact correct. Its Economics 101
by TheBigN2727 October 19, 2009
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Economics is about creating good outcomes for human beings.

Economics isn't meant to explain everything, but it is good for establishing parameters, distinguishing relationships, identifying issues, clarifying options and providing an analytical framework.
Economics can establish criteria by which governmental decisions can be made.
by Leelo Dallas Multipass November 12, 2005
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