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What is Economics?

by Expert Prof J.F | 10 Apr 2017

Economics refers to a social science that studies how various goods and services are produced, allocated and consumed (Mofid, 27). It can also be the study of the scarce economic resources and how they are used to satisfy human needs. There are two main branches of economics; microeconomics and macroeconomics. Microeconomics is concerned with how individuals make decisions and how those decisions affect supply and price of goods and services in the economy. Microeconomics in a general point of view is all about making choices, scarcity and how the scarce resources satisfy the needs of an individual (Mofid, 28). Macroeconomics on the other hand gives an economy a wide point of view as it provides solutions to economic problems like unemployment, inflation and even taxation policies.

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One of the reasons why people study economics is to understand how individuals and even governments try to use the scarce resources to satisfy the unlimited and insatiable human needs. Economics is also studied to help individuals understand the production concepts. This is the concept that outlines the process of production from the raw materials stage to the products in the market. The study of economics has helped many know what to sell and what to buy at what price to avoid losses. Companies and other business enterprises uses the business knowledge to know that one objective of business is to maximize the profits. The study of economics has really helped many governments and states to solve many national problems like unemployment, inflation and even the taxation policies have been understood well by the economic education.

Generally, economics is a very vital subject to those who study it and currently it has been included in the curriculum of many colleges and universities. It has helped in solving many microeconomic and macroeconomic issues that surround us. The question of production which is critical in the development of states is well answered in economics. The appropriate allocation of the increasingly scarce resources determines this economic development.

Works cited:

  • FunQA.com. What are economic activities? FUnQA.com, 2007-2009. Web: July 12, 2010 from http://www.funqa.com/economics/724-Economics-2.html
  • Mofid, Kamran. Promoting the common good: bringing economics & theology together again. London: Shepherad-Walwyn (Publishers) Ltd. 2005
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