For a layman, economics is the study of complex tables, charts, numbers and statistics, but practically, it is the study of what makes up rational human behavior in an effort to accomplish wants and needs. You as the individual, are confronted with various limited resources to meet your needs and wants, as a consequence, you make some particular choices with the finance that you have. You will pay a part of that finance on food, rent and electricity. Then maybe you use some part of your money on watching movies or buying a new pair of shoes. Economists show more interest in knowing your choice, for example, why you are spending money on buying some new DVDs rather than replacing your old TV. Will you ever compromise on certain choices? One of the points of economics is to understand how individual people and collective nations behave when it comes to certain material compulsion.
History of Economics:
The science of economics provides answers to various phenomena such as money, price, production and exchange of goods among others. The insights on economic facts can be clearly seen in the works of Plato (c. 427–347 BC), Aristotle (384–322 BC). However, with time, the meaning of economics has broadened and the journey from classical economics to modern economics has been very long.
Historians and Economists: The link provides information on research and education in fields of importance for historians and economists.
Economic History: The link provides information on the economic History of the American People.
It is the study of economics in a broader perspective. It sees the complete output of any nation and the way through which the nation budgets its limited land resources, capital and labor in order to maximize production levels for promoting trade and trade for future generations.
Macroeconomics info: The website contain several links on macroeconomics including journals and magazines.
It is the study of economics in a limited sense. It looks into issues of individuals and firms. It is a scientific approach and examines the parts that contribute to the entire economy. By scrutinizing certain aspects of the human behavior and organizations, microeconomics presents how individuals and organizations respond to price change and why they demand what they do at certain price levels.
As the name suggests, it is the study of economics that deals with the assessment and implications of international trade in goods, services and investment as well. International economics has two fundamental sub-categories namely international trade and international finance. International trade applies microeconomic models to understand the international economy. However, the latter one applies macroeconomic models to understand the international economy.
Production/Cost/Efficiency:
In economics, production means making things or the act of making products to be sold commercially. And the cost incurred in production is called the production cost. Cost-efficiency on the other hand, is the effectiveness through which the production goal is met at the lowest price.
Costs: A list of links discuss on different kinds of costs.
It is one of the most basic concepts of economics and precisely the basis of a market economy. Demand means how much quantity of a product is required by buyers. Supply, on the other hand, refers to how much the market can offer. The relationship between demand and supply underlines the forces behind the allocation of resources.
Modern economics: Explores the single most important model in modern economic: the Supply and Demand model of the determination of price and production in a highly competitive industry.
Market failure results when there is subnormal allocation of resources in the market. There are several factors why the normal forces do not lead to economic efficiency. Some of the main factors include externalities, merit and demerit goods, inequality, ignorance, and agriculture, etc.
It refers to fluctuations in production or economic activity over several months or years. These fluctuations typically involve the periods between rapid economic growth and decline period.
In simple term, it refers to the constant rise in the price levels of commodities and services resulting into a decline in the currency’s purchasing power. For example, if a person would buy a slice of bread in one dollar a month’s ago, the same bread slice is now available in two dollars. So, the value of one dollar has decreased i.e., the purchasing power.
In the world of globalization, economy plays a very crucial role. Therefore, understanding the subject is crucial for everyone including school students.
