What is Economics?4
Never trust an economist with your job7
Capitalism: the economy we know11
Main tools of economic analysis15
How markets solve the three economic problems?16
From the local to the global, economics is concerned with understanding the way people and societies make decisions and determine outcomes that affect us all whether as consumers, workers, businesses or policymakers. Questions that economists might analyze include: • Is there a trade-off between the environment and rapidly growing economies? • Will the internet bring down the music industry?
• Should we ban or tax unhealthy food?
• What caused the global economic crisis and can government action reverse it? In answering questions like these, economics provides a particular way of thinking about the world that develops your problem-solving and analytical skills. These are skills that are in high demand from employers. We all make economic decisions every day of our lives. Studying economics will enable you to understand the decisions of households, firms and governments based on human behaviour, beliefs, structure, constraints and need. Economics provides you with the knowledge and insight necessary to understand the impact of developments in business, society and the world economy. Studying economics allows you to go onto work or further study either as an economist or in the field of business. In contrast, studying business alone does not offer you the same opportunities. In other words, studying economics offers you the platform to apply your skills to areas of business, politics, social policy and beyond.
What is Economics?
Economics is a dynamic science. With the development of human civilization this science has evolved to include within its ambit a vast range of topics concerned with human life. Every society on this earth faces three...