What is Economics?
It is a branch of Social Science dealing with all aspects of wealth. It mainly concerns with distribution, production, and consumption of wealth. The working of economics depends upon behavior and interactions of economic agents. Economics works at two levels: Microeconomics and Macroeconomics.
Microeconomics: It works at a lower level like individual agents and markets. The interactions between them and the outcome thereof are studied under microeconomics. The basic elements of economics are taken into consideration.
Macroeconomics: It works at a higher level like large organizations, state or country’s economics. It takes into consideration the concepts like consumption, savings, production, investment etc. It also considers labor, capital, land etc. The policies of the state or the central government are also considered under macroeconomics.
What are the best ideas or key concepts in Economics?
- Influence of values on economics choices: Different people have different economic choices which are influenced by the values and perspectives held by them. For example, a person believes in simple living and holds it as his value, he will have only basic commodities for use and not the luxurious items or his economic choices are affected by his values.
- Competitive markets are efficient: Perfectly competitive markets are highly efficient. This means that how efficiently a market allocates scarce resources for the needs and wants of the customers.
- Scarcity results in choices: Opportunity costs are a result of scarcity. Scarcity results when the sources become limited due to unlimited needs and want. It determines the cost of the available resources and results in economic choices.
- Market failure requires government intervention: It means that when a product’s choice by a person influences the impact on other people and the company is not making any effort to resolve that negative impact, the concerned government should intervene and try to make a suitable outcome. For example excise tax by the government on cigarettes.
- Benefits of market activities may not be equitable: All market activities are not equitable as the wealth is distributed unevenly. The government can try to fill the gap by giving benefits to the poor and taxing the rich.
- Government intervention involves an equity-efficiency trade-off: Sometimes while filling the gap by the government, production or efficiency in economics falls. For example, taxing the rich heavily may result in less productivity (less tax will be paid) or tax evasions.
- The marginal analysis will maximize results: Marginal Analysis refers to the comparison of additional benefits of a process with its additional cost. If the additional benefits are more than main benefits, the results will automatically maximize.
- Inflation can disturb economic indicators: Inflation affects real economic indicators like real income. This is used to determine real economic growth without any effect of inflation.
- Economic analysis and economic models: These influence economic behavior and performances e.g. Supply and Demand Model.
- Markets provide incentives and ration scarce resources: Whenever demand exceeds supply, resources become scarce. Market conserves resources by high pricing thus discouraging use of resources. Incentives tend to increase production to earn higher profits.
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