Economics is not just a subject it's a science which studies the human behavior when the resources get scarce and they have alternative choices. For example the income of a person is scarce it is not unlimited and it has alternative uses therefore he will make the choices which will maximize his utility with the given level of income. Economics is the subject which deals with the study of human being in the common business of life. The subject enquires how an individual obtains his earnings and how he uses it. Thus, it is on the one side, it is the study of prosperity and on the other and more important side, a part of the study of human beings.
The importance of economics can be studied from its two branches Microeconomics and Macroeconomics.
Microeconomics is the branch of the economics which deal with a single consumer, producer at a micro level. It describes the law of demand (price and demand have a negative relationship) and law of supply (price and supply have a positive relationship). It helps in understanding how the market price gets determined which is the intersection of the demand and supply curve. It also studies about the consumer utility maximization, production functions, elasticity, markets such as perfect competition, monopoly, monopolistic, oligopoly.
Macroeconomics is the branch of the economics which work at macro level like calculating the per capita income, inflation rate, unemployment rate, aggregate demand and aggregate supply. Macroeconomics studies the growth of an economy and provides relevant solution to the prevailing problem. Economics is a subject whose knowledge and a basic understanding is must for everyone to have a better look and understanding about the thing that are happening around at an individual level as well as at a country level. For example- why a country is a fastest growing economy? How inflation and unemployment rate are related? Why Indian railway is a monopoly? All these question can only answered through economics therefore it's a subject which is very important and interesting subject.
Economics has been known as a special area of study since over the decades. It is covered in almost all colleges and universities proposed courses and in various programs. Economists and economics professionals sustain high profiles in governments and they have been well-represented among the highest appointees in the federal government of the United States. The press releases on their saying and doings, occasionally with praise and respect, sometimes with mockery and ridicule. Economics and economists are the important words or terms which almost each person has heard and uses. But only a few people can give an exact definition or description of economics.
Economics is not a single subject but the summation of different subject it is not just micro-macro economics it is statistics, econometrics, financial economics, mathematics, international economics etc. Therefore for a student studying economics it becomes difficult sometimes. Another problem faced by the student is the contradictory nature of economic theories, like something that hold true in short run will not hold true in the long run. This is also known as the contradiction between the classical theory of economics and Keynesian theory, it create confusion for a student solving economic problem. For example- in the short run the supply curve changes with the price while in the long run it is assumed to be constant which does not change with the price level.
The problem with the student is that they try to memorize the economics rather than understanding it. Solving economic problem can become so easy if students try to think as a rational individual and the choices an rational individual will make in those situations, because economics is the study of the behavior of individuals it provide a proof to the behavior and measure it in numbers. Therefore, understanding the concepts of economics is the key to solving problems. The most common economic problems are:-
Few important topics covered under economics-
Consumer utility- For a consumer he will choose that bundle of good which will maximize his utility which is the intersection of his indifference curve and the budget line. Indifference curve (IC) is the curve at which all the bundle of the goods gives same level of utility to the consumer and budget line is the diagrammatic representation of his income. The intersection of IC and budget line where both have same equal slopes gives maximum utility to the consumer. The utility derive by the consumer can decline or rise if there is a change in the income or the prices of the goods. It is important to note that IC is Convex to a origin and different goods have a different shape of IC, but there are some properties of IC which a student need to know to understand this topic-
Cost minimization- the sole objective of a producer is to minimize the cost and increase the profit after paying their dues to the factors of productions. It is one of the most important principal by which firms survives in the market by minimizing the cost better than its competitors without affecting the quality of the product.
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