What Is Economics
What Is Economics
What Is Economics
Economics is the study of how people choose to use resources. Resources include the time and talent people have available, the land, buildings, equipment, and other tools on hand, and the knowledge of how to combine them to create useful products and services. Important choices involve how much time to devote to work, to school, and to leisure, how many dollars to spend and how many to save, how to combine resources to produce goods and services, and how to vote and shape the level of taxes and the role of government. Often, people appear to use their resources to improve their well-being. Well-being includes the satisfaction people gain from the products and services they choose to consume, from their time spent in leisure and with family and community as well as in jobs, and the security and services provided by effective governments. Sometimes, however, people appear to use their resources in ways that don't improve their well-being. In short, economics includes the study of labor, land, and investments, of money, income, and production, and of taxes and government expenditures. Although the behavior of individuals is important, economics also addresses the collective behavior of businesses and industries, governments and countries, and the globe as a whole. Microeconomics starts by thinking about how individuals make decisions. Macroeconomics considers aggregate outcomes.
country, this is for the electorate to decide. Al Gore, the Democratic candidate for President in the 2000 U.S. election, ran his campaign on the same premise. It is not easy to appraise these claims, but a knowledge of economics helps a voter to become more informed about economic management issues in society (and they are frequently intertwined with political structures and issues), and to assess critically what political leaders have to say in any situation. An example of such a critical appraisal of events in the U.S. and Canadian economies in the first part of 2001 follows. 4. Economics teaches us how to develop an awareness of the potential of the growing integration of the world economy. Business has been vastly changed in recent years. The effects of computer use have been felt in all sectors, from automobiles to finance and banking. Vast new markets have been opened up through e-commerce. Markets themselves, once thought of as involving direct, usually face-to-face interaction between seller and buyer, are changing in nature. New markets have greater scope and are more anonymous in nature. For the right kind of business people, they are also more lucrative. Businesses can now reach markets with information never before possible. A person with the right qualifications in Sri Lanka or Taiwan can shop for a job in New York. Students doing research have access to an array of helpful research materials not just in general subject areas, but right down to specific topics. Economics is a part of life as if learned and applied in the right manner can benefit you on a large scale .Economics does not only improve economic skills but also life.