Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία (oikonomia, 'management of a household, administration') from οἶκος (oikos, 'house') + νόμος (nomos, 'custom' or 'law'), hence 'rules of the house(hold)'. Current economic models emerged from the broader field of political economy in the late 19th century. A primary stimulus for the development of modern economics was the desire to use an empirical approach more akin to the physical sciences. Economics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business, finance and government, but also in crime, education, the family, health, law, politics, religion, social institutions, war, and science. At the turn of the 21st century, the expanding domain of economics in the social sciences has been described as economic imperialism. - Visit: MeTee.com Our channel sponsor. - This channel is like the 5+ year running: www.youtube.com (has been named many different channel names over 5 years), but it's not and not related. Subscribe for more news. Like/Dislike, Comment, Favorite and share on Twitter, Facebook, and Google+ to get the word out on this video. - Take any of my videos and put them on your channel with a more interesting title (never know if this channel will get taken down): www.keepvid.com Archive this video with keepvid. Signup ...