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The Business and economics Portal
In the social sciences, economics is the study of human choice behavior; in particular, though not limited to, how those choices determine production, distribution, and consumption of scarce resources. In other words, economics studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocations. Alfred Marshall in the late 19th century informally described economics as "the study of man in the ordinary business of life."
The word "economics" is from the Greek words οἶκος [oikos], meaning "family, household, estate," and νόμος [nomos], or "custom, law," and hence literally means "household management" or "management of the state." An economist is a person using economic concepts and data in the course of employment, or someone who has earned a university degree in the subject.
The field may be divided in several different ways, most popularly microeconomics (at the level of individual choices) vs. macroeconomics (aggregate results), but also descriptive vs. normative, mainstream vs. heterodox, and by subfield. Economics has many direct applications in business, personal finance, and government. Theories and empirical techniques developed as a part of economics have, given that economics is fundamentally about human decision making, been applied to non-monetary choices in fields as diverse as criminal behavior, scientific research, death, politics, health, education, family, dating, etc.
In economics, business is the social science of managing people to organize and maintain collective productivity toward accomplishing particular creative and productive goals, usually to generate revenue.
A bank run (also known as a run on the bank) occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent. As a bank run progresses, it generates its own momentum, in a kind of self-fulfilling prophecy: as more people withdraw their deposits, the likelihood of default increases, and this encourages further withdrawals. This can destabilize the bank to the point where it faces bankruptcy.
A banking panic or bank panic is a financial crisis that occurs when many banks suffer runs at the same time. A systemic banking crisis is one where all or almost all of the banking capital in a country is wiped out. The resulting chain of bankruptcies can cause a long economic recession. Much of the Great Depression's economic damage was caused directly by bank runs. The cost of cleaning up a systemic banking crisis can be huge, with fiscal costs averaging 13% of GDP and economic output losses averaging 20% of GDP for important crises from 1970 to 2007.
Several techniques can help to prevent bank runs. They include temporary suspension of withdrawals, the organization of central banks that act as a lender of last resort, the protection of deposit insurance systems such as the U.S. Federal Deposit Insurance Corporation, and governmental bank regulation. These techniques do not always work: for example, even with deposit insurance, depositors may still be motivated by beliefs they may lack immediate access to deposits during a bank reorganization.
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Bribery around the world is estimated at about $1 trillion (£494bn). The burden of corruption falls disproportionately on the bottom billion people living in extreme poverty who cannot afford to pay and who thus receive sub-standard treatment from officials.
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A virtual economy (or sometimes synthetic economy) is an emergent economy existing in a virtual persistent world, usually in the context of an Internet game. People enter these virtual economies recreationally rather than by necessity; however, some people do interact with them for "real" economic benefit.
Virtual economies are observed in MUDs and massively multi player online role-playing games (MMORPGs). The largest virtual economies are currently found in MMORPGs. Virtual economies also exist in life simulation games which may have taken the most radical steps toward linking a virtual economy with the real world. This can be seen, for example, in Second Life's recognisation of intellectual property rights for assets created "in-world" by subscribers, and its laissez-faire policy on the buying and selling of Linden Dollars (the world's official currency) for real money on third party websites. Virtual economies can also exist in browser-based internet games where "real" money can be spent and user-created shops opened, or as a kind of Emergent gameplay.
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"In economics, hope and faith coexist with great scientific pretension and also a deep desire for respectability. "
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- —John Kenneth Galbraith, 1970
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WikiProject: Business
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