Economics Is The Subject Of Everybody. Do You Agree Or Not? Discuss!

Definition: Economics is the social science that analyzes the production, distribution, and consumption of goods and services. As by definition it is obvious that economics is the subject of every person as everybody is the consumer of goods and services.

Factors Influencing Economics Implementation In Different Fields Of Life: We make economic decisions every day. everything that involves weighing choices and sacrificing one benefit for another greater benefit. Should I hit the snooze button one more time, or get up now? If you hit the snooze button, your reward is more sleep, but you sacrifice the time to get yourself ready. If you get up, your reward is more time to get ready but your sacrifice is less sleep. So short answer is economics is important and affects everyones life every single day. The importance of economics in our everyday life is to know how to budget our income and to how to organize our community.

Everybody is involved in economics: as a consumer, investor, etc. In any capacity all inhabitants are playing a role as economic agents, making decisions relevant to savings, pensions, buying a home etc. The economic system provides everyone with price schedules relevant to the markets in which the people are participating. All of us are consumers. Every day we are spending our resources to meet our wants and needs. As consumers through the help of economics we can make a series of plans or decisions which requires an understanding of the forces behind inflation. It is important to the consumers for them to decide whether they will stock or not a particular commodity; the workings of the foreign-exchange market so that they can plan out what

to do if there be another devaluation and if the prices of imported goods like gas will increase; the law of demand and supply so that they will know what to do if theres a shortage or surplus of certain product; and the structures of interest rates so that they can decide whether or not to purchase an appliance on installment or either deposit money from a bank or withdraw it and let it circulate. Whether he is conscious or not, the present-day consumer should assume all types of relationships among forces that affect not only our economy but also in our daily life because in every aspect economics takes place. With this everyone should know how vital the role of economics is.

Economics is the most valuable class you will ever take. It covers a vast array of material including the time value of money which is pertinent to everybody that has a bank account. Additionally, if you do not realize how free markets and governments work...etc....people will be in favor of minimum wage increases, labor unions, and rent controls, when they actually do more harm than good. Economics works both sides of your brain. Some people like economic issues, but not the mathematical equations that go along with them. Others like the equations, but dislike writing about them. No matter what your preference, an economics education will allow you to work on both sets of skills.

You want to change the world. As a potential economist, you are concerned with how society manages, produces and distributes its wealth. "What is wealth?" you ask? It stems words of weal and the Wealth is composed of all the factors contributing to our wellbeing - both material and immaterial. The material aspects contributing to well-being include income, housing, food, water, environment, transportation, and the immaterial aspects include health, happiness, beauty, pleasure and more. In a nutshell, economists are concerned with society's condition of well-being, and seek to make the world a more liveable place. Economics isn't just about money. It's about how we as a society distribute resources in the face of scarcity. The fundamental problem that economics seeks to address is: given the fact that nothing exists in unlimited supply we must make trade-offs. We make these trade-off decisions at the margin. The reason economics is so often considered to be a

discipline dealing only with money is because in analyzing these decisions we must assign values to the cost and benefit of a given action. For ease of comparison, we tend to do this in monetary value, though we needn't.

So, in short, it's important to study economics because it is an attempt to understand how society as a whole makes decisions. You can analyze absolutely anything--be it a policy decision or a relationship decision--with the tools of economics.

Economics is the subject around which everything and everybody in this world revolves. Despite this very fact, since one has to do in-depth study of a lot of numbers and charts in this subject, it is often referred to as dismal science. But again, those who find it dry and overwhelming can still make it very interesting by relating it to real life. No matter to which age group you belong, you cannot escape from this fact that your life has a direct connection with the economic system applicable in your state, country and the world.

If you are a college student and have chosen economics as your subject, you have made a great choice. But you are probably a little worried about the skyrocketing prices of textbooks. The books on these topics usually come at a very high price, which does not fit comfortably into everybody's budget. Most people have still not recovered completely from the effects of the recent recession, which was the worst in the last hundred years. But when it comes to buying college books, luckily there are several alternatives available these days. These alternatives were not available earlier as they are now - thanks to the rapid growth and advancement in the field of the Internet. First, economics textbooks that are available for sale online come at special discounts. As compared to the books that you buy from your local bookshops, you can save a good deal of money by making your purchase online. But since you are someone who is studying how the economic system works and how it affects our real lives, you probably want to save a lot more on your books. And the good news is that you can easily do this. All you have to do is go for used books. If some of your friends have already completed the course in which you have now taken admission, you can ask them if they will like to sell their old economics books. Since they do not need those books anymore, they are very much likely to offer you a price that will look free to you.

 But it is often not very easy to find such students. However, you need not be disappointed if you are not lucky enough to have such friends. There is still another alternative in the form of online bookstores for used textbooks. All you need is a computer with Internet connection, and you can buy the books you need sitting within the comforts of your home. The best thing is that you can find some of the cheapest deals over there on used textbooks of economics. Since you are studying this subject, the use of Internet can be very useful in many ways. For example, browsing popular websites that deal with this niche can be very helpful in keeping you up-to-date with the latest happenings and developments in this field. Browsing through the recent online news stories related to economics will make this subject very interesting. The cheap used textbook to which the Internet can provide you with easy access is just a wonderful bonus. Economics is the subject around which everything and everybody in this world revolves. When economies are healthy and strong, people worry less about how they are going to live during the coming days, weeks or months. These people then have more time on their hands to engage in sports, recreation, entertainment and the advancement of ideas (scientific, literary, political, educational or philosophical). If people are just focused on "getting by" one week at a time, they have no time to advance technology, debate politics or write novels. Economics theory can be used to keep the commerce and the marketplace of a nation moving.

Economically strong countries are politically strong for a reason, because they import and export goods and services internationally, have resources to use and have a population active in commerce. Hundreds of years ago, the most powerful countries on the globe-like today--also had the strongest economies. Three of these populations were the English, the Dutch and the Spanish. They conquered peoples and lands and established trade routes and marketplaces with the new resources acquired.

The use of economic theories and tools is what can get an economy back on track if things head south. Typically, a government with a strong economy is also strong politically, and a country's economy must be healthy for the country to remain healthy.

Economics Complements:

Markets Microeconomics, like macroeconomics, is a fundamental method for analyzing the economy as a system. It treats households and firms interacting through individual markets as irreducible elements of the economy, given scarcity and government regulation. A market might be for a product, say fresh corn, or the services of a factor of production, say bricklaying. The theory considers aggregates of quantity demanded by buyers and quantity supplied by sellers at each possible price per unit. It weaves these together to describe how the market may reach equilibrium as to price and quantity or respond to market changes over time. Such analysis includes the theory of supply and demand. It also examines market structures, such as perfect competition and monopoly for implications as to behavior and economic efficiency. Analysis of change in a single market often proceeds from the simplifying assumption that relations in other markets remain unchanged, that is, partialequilibrium analysis. General-equilibrium theory allows for changes in different markets and aggregates across all markets, including their movements and interactions toward equilibrium. Production, cost, and efficiency In microeconomics, production is the conversion of inputs into outputs. It is an economic process that uses inputs to create a commodity for exchange or direct use. Production is a flow and thus a rate of output per period of time. Distinctions include such production alternatives as for consumption (food, haircuts, etc.) vs. investment goods (new tractors, buildings, roads, etc.), public goods (national defense, small-pox vaccinations, etc.) or private goods (new computers, bananas, etc.), and "guns" vs. "butter". Opportunity cost refers to the economic cost of production: the value of the next best opportunity foregone. Choices must be made between desirable yet mutually exclusive actions. It has been described as expressing "the basic relationship between scarcity and choice.".[11] The opportunity cost of an activity is an element in ensuring that scarce resources are used efficiently, such that the cost is weighed against the value of that activity in deciding on more or less of it. Opportunity costs are not restricted to monetary or financial costs but could be measured by the real cost of output forgone, leisure, or anything else that provides the alternative benefit (utility).

Firms People frequently do not trade directly on markets. Instead, on the supply side, they may work in and produce through firms. The most obvious kinds of firms are corporations, partnerships and trusts. According to Ronald Coase people begin to organize their production in firms when the costs of doing business become lower than doing it on the market.[25] Firms combine labor and capital, and can achieve far greater economies of scale (when producing two or more things is cheaper than one thing) than individual market trading. In perfectly-competitive markets studied in the theory of supply and demand, there are many producers, none of which significantly influence price. Industrial organization generalizes from that special case to study the strategic behavior of firms that do have significant control of price. It considers the structure of such markets and their interactions. Common market structures studied besides perfect competition include monopolistic competition, various forms of oligopoly, and monopoly. Managerial economics applies microeconomic analysis to specific decisions in business firms or other management units. It draws heavily from quantitative methods such as operations research and programming and from statistical methods such as regression analysis in the absence of certainty and perfect knowledge. A unifying theme is the attempt to optimize business decisions, including unit-cost minimization and profit maximization, given the firm's objectives and constraints imposed by technology and market conditions include national income and output, the unemployment rate, and price inflation and sub aggregates like total consumption and investment spending and their components. It also studies effects of monetary policy and fiscal policy. Macroeconomic analysis also considers factors affecting the long-term level and growth of national income. Such factors include capital accumulation, technological change and labor force growth. Growth Growth economics studies factors that explain economic growth the increase in output per capita of a country over a long period of time. The same factors are used to explain differences in the level of output per capita between countries, in particular why some countries grow faster than others, and whether countries converge at the same rates of growth. Much-studied factors include the rate of investment, population growth, and technological. These are represented in theoretical and empirical forms (as in the neoclassical and endogenous growth models) and in growth accounting.

Why Growth Matters

Reduce Poverty. Growth doesn't necessarily reduce poverty. But, without economic growth it is very difficult to make any meaningful and sustained reduction in poverty. This is especially important in developing economies. Reduces Unemployment. A stagnant economy leads to higher rates of unemployment and the consequent social misery. Note: A modern economy like the UK or US tends to see an average rise in productive capacity of 2-3% a year. Therefore, even with sluggish growth of 1% or less, we can see a rise in spare capacity and rise in unemployment. Budget deficits. The deep recession has led a corresponding rise in budget deficit. Economic growth is essential to improve governments budget deficits. Living Standards. If managed correctly, economic growth enables an increase in resources for important public services like education and health care. Economic growth enables an increase in social spending without an increase in tax rates.

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