What is Economics?

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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...

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