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Graphs & Trends. Vocabulary Exercise - Economic Recession. Economic Definitions. Political Economy is the study of how people get a living. What, then, is Economics? Although the two terms are sometimes used interchangeably, there is a subtle distinction to be made between them. "Political Economy" is the older term, and it was used by the classical economists. Most standard textbooks today define "Economics" as "The science of how people make choices for the allocation of scarce resources to satisfy their unlimited desires. " That is a statement of the basic dilemma called "the problem of scarcity. " Henry George, like all the classical political economists, recognized that the means for satisfying our desires is human effort, so he stated the problem of scarcity in terms of labor.

The basic axiom of political economy, George wrote, is that People seek to satisfy their desires with the least exertion. The science which deals with the natural laws governing the production and distribution of valuable goods and services. The Three Factors of Production Not one bit. LAND. Job Search Vocabulary. What to include in a resume? Business English: meetings, negotiations, marketing, presentations, telephone and more ...www.learn-english-today.com_

IntBusStory. English Business Letters :: Offer. Learn English Online with Free Business English Lessons | BusinessEnglishPod.com. Business English Materials.com - Free Business English Lessons. Business English Grammar Exercises/Quizzes (ESL/ELL - Prepositions, Articles, Verb Tenses)