THE SOCIAL SCIENCE OF ECONOMICS COMMON TERMS AND DEFINITIONS

Economics is indeed a Social Science that delves into and unravels the production, distribution and consumption of everyday goods and services. It analyzes the behavior of buyers and sellers, which gives Economics the social definition but also employs a systematic approach to problem solving. Thereby making it a recognized science as well.

As a student of all things Political, Business and Economics I continue to refresh my knowledge of key terms in these areas. Economics, Business and Politics overlap a great deal in academia and in real-world applications. Artificial Intelligence will add for the better bringing the fields of Business, Politics and Economics together for the betterment of society. Though not without huge risks.

Contained within is a small list of common knowledge terms in the Social Science of Economics. I hope these terms and definitions provide some insight into the world of economics.

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