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Line 1: + + − It has also been defined as the study of the allocation of scarce goods and services.<ref>[http://www.nytimes.com/2008/07/13/business/13every.html?em&ex=1216440000&en=a9a6d3e97f11545f&ei=5087%0A Lessons in Love, by Way of Economics]</ref>+ − It is a social [[science]], concerned with how people produce, distribute, and consume. Governments can be classified by their economic policy. The [[U.S. Constitution]] provides basic protections for private property that are the foundation of American economic policy.
the word "allocation" implies that the government is going to be in charge of distributing wealth - not a general concept but specifically a socialist one
[[Image:NYSE-floor.jpg|right|thumb|Face-to-face trading on the [[New York Stock Exchange]]'s trading floor.]]
[[Image:NYSE-floor.jpg|right|thumb|Face-to-face trading on the [[New York Stock Exchange]]'s trading floor.]]
'''Economics''' attempts "to explain the way in which individuals interact with one another, to use their limited resources to satisfy their alternative ends." [http://www.pbs.org/wgbh/commandingheights/shared/minitext/int_miltonfriedman.html#10]
'''Economics''' attempts "to explain the way in which individuals interact with one another, to use their limited resources to satisfy their alternative ends." [http://www.pbs.org/wgbh/commandingheights/shared/minitext/int_miltonfriedman.html#10]
It is a social [[science]], concerned with how people produce, distribute, and consume.
Governments can be classified by their economic policy. The [[U.S. Constitution]] provides basic protections for private property that are the foundation of American economic policy.
C. Lowell Harriss, a professor of economics at Columbia, said that economics is the study of the allocation of scarce goods and services.<ref> [http://www.nytimes.com/2008/07/13/business/13every.html?em&ex=1216440000&en=a9a6d3e97f11545f&ei=5087%0A Lessons in Love, by Way of Economics]</ref>
== Issues in economics ==
== Issues in economics ==