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Definition of Economic activity

Economic activity Definition from Encyclopedia Dictionaries & Glossaries
Wikipedia English - The Free Encyclopedia
Economics is the social science that studies the behavior of individuals, groups, and organizations (called economic actors, players, or agents), when they manage or use scarce resources, which have alternative uses, to achieve desired ends. Agents are assumed to act rational, have multiple ends in sights (all desirable), limited resources to obtain them, a set of stable preferences, a definite overall guiding objective, and the capability of making a choice. There exist an economic problem, subject of study of the economic science, when a decision (choice) has to be made by one or more resources controlling players, to attain the best possible outcome under bounded rational conditions, in other words, to maximize value subject to the constrains imposed by the information the agents have, the cognitive limitations of their minds, and the finite amount of time they have to take a decision. So, the science centers on the activities of the economic agents that comprise society. They are the focus of economic analysis.

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