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Economics From Wikipedia, the free encyclopedia (Redirected from Economic theory Jump to: navigation search Price of market balance: P - price Q - quantity of good S - supply D - demand P0 - price of market balance Economics is the branch of social science that studies the production, distribution , and consumption of goods and services . The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold)." A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay : "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economic problem . The subject thus defined involves the study of

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_@import "http://livepress.com/ie50.css"; All Themes Business Education Entertainment ... Encyclopedia Database Encyclopedia Database Related: This article is about the economic theory. For the biological term, see Mutualism Anarchism Traditions Anarcha-feminism Anarchist communism Anarcho-primitivism Anarcho-syndicalism ... Individualist anarchism Anarchism in culture Anarchism and religion Anarchism and society Anarchism and the arts Anarcho-punk Anarchist theory Anarchist economics Anarchism and capitalism Anarchism and Marxism Anarchist law ... Post-left anarchy Relevant lists Anarchists Books Communities Concepts ... Websites Mutualism is a libertarian socialist economic theory or system based on the labor theory of value which states that equal amounts of labor should receive equal pay. One way some mutualists wish to facilitate this is through the use of money backed by a quantity of labor to trade goods and services. The first use of the term "mutualism" was by Charles Fourier in 1822, however Fourier did not support the system to which this article refers but rather a communalist system. The first usage of the noun "mutualist" was in the New-Harmony Gazette by an American Owenite in 1826.

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