Economics is the study of production, delivery, and consumption of goods, services, and wealth. It involves analyzing the workings of economies and interactions between different economic agents.
Economics has been a part of historic literature from Greek, Mesopotamian, Indian, Persian, and Chinese cultures. Experts believe that the Greek poet, Hesiod, was the first known economist in history. In the 19th century, economics became a branch of science thanks to its emphasis on critical thinking and the rise in the use of mathematics. The rich history of economics has seen the birth of many interesting theories such as the Classical political economy, Neoclassical economics, Marxism, Keynesian economics, Chicago school of Economics, and many more.
In contemporary times, economics can be broadly classified as microeconomics and macroeconomics. The study of interactions between individual agents and the marketplace is called microeconomics. Households, firms, sellers, buyers, etc., are considered individual agents. On the other hand, macroeconomics scrutinizes the entire economy and deals with elements such as production, distribution, investment, and savings of resources. It also closely observes the problems of inflation, unemployment, and economic stagnation while analyzing the public policies that contribute to or affect these issues. The findings of economic analyses can be implemented in various aspects of society such as government, education, real estate, healthcare, law, politics, religion, and more.
Many prestigious universities around the globe like Harvard, Stanford, Yale, etc., offer world-class undergraduate, graduate, and doctoral programs in economics. Supply and demand, market failure, production cost, and efficiency are some of the popular topics in the study of microeconomics. Growth, inflation, business cycles, fiscal policies, etc. are integral components in the study of macroeconomics. Economics can be collaborated with politics and social sciences to form a new branch of study called political economics. Karl Marx, Adam Smith, Friedrich Hayek, Alfred Marshall, and Milton Friedman are some of the most popular economists.
To dive deeper into various economics-related topics, explore some of the essays, term papers, and research documents listed below:
Economics is the study and understanding of the economy such as the governmental system, money marketing, trades such as production and financial market. The traditional economic system is based on customs, beliefs, and ways that people have been doing things for century’s. when the government has control over the aspect over the production and makes all the decisions and ways to control the economy. With the market of the economic system an individual owns the production and they will make economic
Economics The study of economics is helpful in several ways . Some of these I will comment on . First of all , technology levels affect a societies economy , so by learning what products are produced and how they are produced , you can see how technologically advanced a society is . By examining where the produced goods are sent/used you can get a better idea of what type of government the society is run by . By studying an economy and seeing how the economy uses resources , you can learn what
accommodations and more than 3 quarters of Australians rent from private landlords (Mustafa 2014, p. 1, Australian bureau of statics).Housing plays a strong role in regards to the social wellbeing of Australians. Good housing has provided good social and economic environment for society (Mustafa 2014, p. 1, Australian bureau of statics). Factors influencing the housing market Interest’s rates These are the most important factors which affect housing and the property market in Australia. The definition of
Applying Economic Concepts To My Life The concepts of economics has been a daily part of my life. The concepts apply to my poor choices, when I make food, and when I have to make decisions. Many of these concepts apply to my life in many ways. Five economic concepts that apply to my life are opportunity cost, shortage and surplus, rational self-interest, substitution, and income. The first economic concept that applies to my life is opportunity cost. I apply opportunity cost to my life when I have
Saccomanni, 2013; Vlamis, 2014). This Monetary Policy strategy includes, defining price stability quantitatively and aims at keeping the inflation rates just below 2% over the medium term. The two analytical approaches adopted is to analyse the present economic and fiscal improvements and the short to medium-term inflation effects. A fiscal and monetary investigation is conducted to analyse and assess conditions of general liquidity. All this considering inflation developments come from analysing the economies
the income stream which will cause consumption expenditures to fall short of total output. -Investment spending by businesses is a supplement to the income-expenditure stream which may fill any consumption gaparising from saving. -Keynesian economics hold that there ar etwo other sources of funds which can be made available in the money market: 1)the accumulated money balances, 2)lending institutions. -The Keynesian position is that saving and investment plans can be at odds and thereby can
Coca - Cola On the 14th of June Coca-Cola’s soft drinks were banned from the markets in Belgium and later also in Luxemburg and France. Two failures in the bottling system were the cause for the nausea that the people suffered. According to the article it would have been better if they would have acted fast and told the whole truth. Coca- Cola is in an ologopolistic market and therefore branding plays a great role. It is possible that the company ha lost market shares, due to this accident
Economic growth is measured by the change in real GDP. Real GDP is the total value of all of the goods and services produced in a year, adjusted for inflation. GDP, though not the best indicator of the quality of life, nations with a high GDP correlate to nations with a higher quality of life. The changes in real GDP for 2013 general trend of increasing GDP and hence increasing economic growth. The latest estimate for fourth quarter fiscal year 2013 is 2.4 percent change in GDP. GDP increased in
resources/ goods were extremely valuable. As the states flourished, so too were the desire for specific resources, goods/ services. For this reason, this paper will explain the economic perspective of comparative/absolute advantage and how they economically impact decisions made in our nation. Comparative advantage, in economics, refers to the ability of one group or company to produce a good/ service more efficiently than another (Lipsey, R. G., & Dobson, W. 1987). Determining how efficient the goods/services