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History
Consumption (economics)
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Consumption is the act of using resources to satisfy current needs and wants. It is seen in contrast to investing, which is spending for acquisition of future income. Consumption is a major concept in economics and is also studied in many other social sciences.
People buying home electronics at a shopping mall in Jakarta, Indonesia
People buying home electronics at a shopping mall in Jakarta, Indonesia
Economics
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Economics is a social science that studies the production, distribution, and consumption of goods and services.
A 1638 painting of a French seaport during the heyday of mercantilism
A 1638 painting of a French seaport during the heyday of mercantilism
The publication of Adam Smith's The Wealth of Nations in 1776 is considered to be the first formalisation of economic thought.
The publication of Adam Smith's The Wealth of Nations in 1776 is considered to be the first formalisation of economic thought.
The Marxist critique of political economy comes from the work of German philosopher Karl Marx.
The Marxist critique of political economy comes from the work of German philosopher Karl Marx.
John Maynard Keynes was a key theorist in economics.
John Maynard Keynes was a key theorist in economics.