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What I learned in basic economics
What I learned in basic economics
Economics is defined as the study of
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Economics
So, what is Economics? There is no a accepted reply to the question "What is economics?" Some one say that it is the study of the operation, distribution, production and consumption of asset in human society. It is also the study of how individuals and groups make decisions with finite resources as to best fulfill their wants, and needs.
Economics is trade-offs and everybody faces trade-offs. What is trade-off briefly? It is when people want to get something that they like, they have to give up something else they want. For example, a student wanted to graduate earlier from college, then he has to give up his time to entertain, time to work and etc. So he would have more time to concentrate to study. This is a kind of economics as well.
What are the benefit of economics? Some people might think many of other countries are competitors with another in the world economy. It is true because American and other countries firms produce many of the same goods. Benz and BMW have same level of purchaser in the market for automobiles. Microsoft and Sony compete for the same...
The Island of Mocha in the video is an example of a traditional economic system evolving into a market system. Every person plays a key role in this traditional system. They had fisherman, coconut collector, melon seller, lumberman, barber, doctor, preacher, brownies seller, and a chief. The Mochans got sick of trading goods all across the island just to get the things that they want or needed. The Chief decided that they would use clam shell for currency instead of trading.
However, economics is relative to everyone’s life. We can still feel the wound of financial crisis up to today. It’s useful for everyone to learn something about economics.
The Economy is the backbone to society. There are many factors that operate in, and govern our society’s economical structure. Factors such as scarcity and choice, opportunity cost, marginal analysis, microeconomics, macroeconomics, factors of production, production possibilities, law of increasing opportunity cost, economic systems, circular flow model, money, and economic costs and profits all contribute to what is known as the economy. These properties as well as a few others, work together to influence the economy. Microeconomics and Macroeconomics are two major components. Both of these are broken down into several different components that dictate societal norms and views.
It is the study of resource allocation, distribution and consumption, of capital and investment, and of the management of the factors of production. (http://wikitionary.org/wiki/economics)
Riddell, T., Shackelford, J., Schneider, G., & Stamos, S. (2011). Economics: A Tool for Critically Understanding Society (Ninth Edition). Boston, MA: Pearson Education, Inc.
All nations can get the benefits of free trade by being specialized in producing goods they have a comparative advantage and then trade them with goods produced by other nations in the world. This is evidenced by comparative advantage theory. Trade depends on many factors, country's history, institution, size and. geographical position and many more. Also, the countries put trade barriers for the exchange of their goods and services with other nations in order to protect their own company from foreign competition, or to protect consumers from undesirable products, or sometimes it may be inadvertent.
According to Sloman (2003), many people think that economics is about money. Well, to some extent this is true. Economics has a lot to do with money: with how much money people are paid; how much they spend; what is costs to buy various items; how much money firms earn; how much money there is in total in the economy. But despite the large number of areas in which our lives are concerned with money, economics is more than just the study of money. It is concerned with the production of goods and services and the ...
Economics is the study of how best to allocate scarce resources throughout an entire market. Economics affects our lives on a daily basis, whether it is on a business level or a personal level.
ECONOMY: Economy as the first pillar mainly concerns with the allocation of scarce resources for optimum development. It involves the combination of available resources in their right proportions for the provision of goods and services. It is the careful use of resources and it involves the best combination of resources for optimum result. In public administration it is expected that quality public service be provided at the least possible cost. Public officials therefore must figure out how to provide services required by the people at the lowest cost through cost saving mechanisms while still maintaining quality. The employment of economics in the public sector ensures that resource usage is optimized and not wasted as usually happens in the public sector. Another dimension is to look at economy in terms of the deployment of resources in order to achieve the optimal benefit from them.
The crucial importance and relevance of economics related disciplines to the modern world have led me to want to pursue the study of these social sciences at a higher level. My study of Economics has shown me the fundamental part it plays in our lives and I would like to approach it with an open mind - interested but not yet fully informed.
Introduction Economic systems are organized ways in which a state or nation allocates its resources and apportion goods and services to the national community. An economic system is slackly defined as a country’s plan for its services, goods produced, and the exact way in which its economic plan is carried out. There are three types of economic systems exist, they are command economy, market economy, and mixed economy. Command economy is also sometimes called planned economy. The expectation of this type of economy is that all major decisions related to the construction or production, distribution, commodity and service prices are all made by the government.
Managerial decisions are an important component in achieving the objectives of the organization. The success or failure of a business depend upon the decisions made by managers (Jurina, 2011). Today’s increasing complexity in the world of business brought forth greater challenges for both the firm and its managers. The rapid rate of technological and digital advance as well as greater focus product innovation and processes that influence marketing and sales techniques have contributed to the increasing complexity in the business environment.
In today's world, economics associated disciplines are of fundamental significance and application and this has encouraged me to pursue a degree in Economics. Economics has an important relevance in all of our lives. As consumers we try to make the best of our limited incomes. As workers we take our place in the job market. As citizens of a country our lives are affected by the decisions of our government: decisions over taxes, decisions over spending on health and education, decisions on interest rates, decisions that affect unemployment, inflation and growth. As dwellers on the planet Earth we are affected by the economic decisions of each other: the air we breathe, the water we drink and the environment we leave for future generations are all affected by the economic decisions taken by the human race. It is these stimulating issues that excite me about economics. I enjoy studying Economics enormously and believe my passionate interest in economics is continually strengthened by my regular reading of 'The Economist'
Engineering economics, is a sub department of economics for application to engineering projects. Engineers find solutions to problems, and the economic learning of each potential solution is normally considered along with the technical ways and multiple aspects. Fundamentally, engineering economics involves formulating, estimating, and describing the economic outcomes when alternatives to accomplish a defined objects are available.
Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction, studying it often reveals why people and governments behave in particular ways.