economics assignment help

economics assignment help

The Importance of Economics in Today’s Society

1. Introduction

Globally, the developed and developing countries have different types of economic systems, and the factors of production are used in diverse ways in them. There are all sorts of economic systems as well. All of these economic systems have a great impact on the societies in which they are implemented because resource allocation and the way of doing business are determined by the economic system of the society. The importance of economics in today’s society. Economics is the study of how society manages its scarce resources. Today, many people believe that economics is only about money – but this is suggested by the narrower definition, that confuses more than enlightens. It is interesting to note that economics is a very important subject as it talks about the world and choices that people make. As economics is being discussed in the introduction, there is great significance in this study in the present world and the world that is changing all the time, and it is very important and exciting to study the theory of economics as a whole. Issues of specific subscribe of economics that students are eagerly introduced to over the next two years are beginning to be considered, and these will allow us to see how the theoretical analysis can be usefully augmented and extended by economists in general and will give us insights into the kind of work that economists do in their studies and research. Economists have provided the general intent of the subject which is the study of how and why people make the choices they do given that every work that can be produced is scarce. Every choice comes at a relative cost to everyone, and entering on any choice to the society will be made in the light of whatever foregone of any are involved. Although we are never wholly aware of what these may be. This is proposed by Lionel Robin, human wants are defined as a sphere that can satisfy the material well-being of mankind. Robin continues his definition by suggesting that unlimited wants are vain, that means it is so all over that once some wants are satisfied, others will rise. In the world of scarcity, different outcomes are on the agendas of every society, and in order to reach the optimum, choices have to be made. Every society has limited resources position which means having a scope to satisfy wants and as a result. Randomly putting all these together, economics is beginning to study as a disbelief theory of human nature that human wants are basically unlimited. By considering the relative scarcity that gives rise to opportunity cost and how human wants should aim towards a reasonable attainment. As the introduction is drawing to a close, there are going to be many more introductory we are going to work on in the coming two years, and economics is a subject that connects. Every choice that is made is an opportunity for everyone among such a scarcity existence. Eventually, by taking a closer look at the diverse ways that will of scarce resources are employed in an economic, a reason between different economy and understanding of what all these concepts mean are beginning to develop. Economists, in particular, as a whole have developed a resource, go down to make decisions of different types on a daily basis. It is believed that economics does play a very important role in the initial stage of studies and in the present world. As economics is taught from the part of the social science and its result from the laws is uncertain and changes over time, many take economics as a subject that studies because of its theory that is unique, but transferable skills that can be applied in a variety of other subjects such as ways of critical that is analyzing. So. A wide range of employment opportunities exists within economics and careers for and options available to economics, those suitable since the subject is so flexible and useful.

2. Basic Concepts of Economics

So while macroeconomics and microeconomics are interrelated and often the theories of one are examined in the context of another, it is important not to confuse the two. Macroeconomics looks at the economy on a global scale. That is, it examines the way countries’ economies affect one another through trade and industry. The guiding principle of macroeconomics is that there is only a set amount of resources in the world – the pie is limited – and it is the task of the economist to work out how to distribute it. This is a question which has been preoccupying economists since the time of Thomas Robert Malthus, who was writing in the late 18th century and is best known for his theory of population growth. Malthus argued that the population would grow at such a rate as to eventually outstrip resources and, as such, societies would have to ensure they were making efficient use of the limited resources they had. This remains a fundamental concern of economists today. Microeconomics, in contrast, looks at the smaller picture. It looks at the way small bodies such as individuals, families, and companies go about the task of making money and how they interact in the market. Unlike macroeconomics, microeconomics does not look at the bigger picture and focuses on global problems and issues. Instead, microeconomics focuses on a much more specific question in precise detail. This is because the forces of supply and demand can be applied to individual markets and it is largely the work of microeconomists. Both branches of economics have their advantages and disadvantages and are used in different types of work due to their different focuses. However, it is important to remember that the two are interrelated and often theories from one branch of economics can be tied in well with another.

3. The Role of Economics in Decision Making

In fact, economics is now becoming more and more popular. People are interested in this subject because it is important for our daily life. Economics is the science of choice, the course of money, and the path of prosperity. But what can it do for us in our daily life? How can we use economics in the context of decision-making? Now let me show you how important economics is and how you can apply it in the decisions that you have to make. First and foremost, economics is important because it helps us make more efficient decisions. For instance, have you ever been shopping and just acted on impulse and then found out that you have brought something that you do not really need? If so, then you have just made an irrational choice which is a decision that is not based upon careful reasoning and rational thinking. By taking the time to carefully consider the pros and cons of a decision with supporting evidence and not just doing what you want, economics can help you make more rational choices. This in turn will help you avoid making choices that you will later regret and also will help you save time, money and happiness. Secondly, what I believe to be the most important aspect of economics is its ability to improve decision making. In other words, the choices that customers, companies and governments make can be improved using the data in economics. Analysis in economics will give us a hand to understand some problems such as what causes the unemployment and reasons for the changes in the price of petrol. Thanks to the greater understanding developed over centuries from the subject, economists around the world have gradually developed successful methods and programs designed to boost quality of decision making in areas such as law, business and politics. The politicians are interested in economics because a big effect on the society and the country can be made if decisions are made on the basis of sound economic policies because it can stop the country from going bankrupt and the people dying from poverty. This is the same for different policies in hospitals and education as well. By making use of the economic knowledge gained from careful studies, you can successfully apply them in the welfare of the society when one day you become doctor, head teacher or prime minister. It is clear that the potential of economics is not only beneficial to individuals but more importantly, economics has helped make society better as a whole. By considering what we would gain and what we would give up when we make decisions in economics, usually the decisions made will be smart and economical. In conclusion, the knowledge in economics however minor it is would help people see the whole picture and be able to apply the knowledge in different stages of decision making. It is essential not to ignore such small thing, as it can be a very effective tool to make important decisions and the decisions made can be always beneficial whether to individuals or to the society or even the whole country.

4. Economic Systems and Their Impact

In any society, the main goal of any government is to prevent social and economic instability. An economic system is a way in which a nation organizes and distributes its resources and apportions goods and services in the national community. Great question, there are three ways. I’m going to explain one of the economic systems implemented in my country, capitalism. This is a system in which the central features include private property, the price mechanism, and freedom of choice. The first characteristic of capitalism is private property. Most property and resources, such as factories, farms, and businesses, are owned by individuals. That is, the people of the country have the right to own their own property and resources and to gain personal rewards from their use. This encourages the people to direct their resources to the production of goods and services that others will want to purchase through the market system. The next characteristic of capitalism is the operation of the price mechanism. This is the system at work in the free market to determine the price of goods. What happens is, in capitalism, most prices of goods and services are determined on the open market, where willing. Also, in a free market, both consumers and producers have freedom of choice. They are free to choose what goods to buy and what goods to produce. However, with this system, someone may lose as well as gain. As we see, in a capitalistic system, everybody is looking for their best interest. As a result, the entire society will get the maximum benefit. Capitalism encourages efficiency because of the competition between firms. That forces firms to keep their costs down and their production both high quality and at the best price. Workers can also be more productive because they know that they will be rewarded if they produce more goods or services. This market takes advantage of the competition between the firms, so product and technological advances would be encouraged and they forge new markets.

5. Conclusion: The Future of Economics

Certainly, as from my overview, evidently the future of economics is bright and the subject is still growing. With the constant changes in the world and many other aspects, I am positive that many other new things and goals can be achieved through this subject. There is much more to be learnt and for sure, there are many paths that would bring all of us to a better understanding in having a future that is based on knowledge and not assumption. If I were to be asked again on where I see economics in the future, I would say that economics will have a major impact on every aspect of the world including health, education, military, social science and many more. The world is moving towards a more and more integrated global economy and I am very confident that the subject economics play an important role in this future journey. Without using the knowledge learnt through economics, it would be a very tough measure for us to allocate our scarce resources. In the end, my short answer for the future of economics in the world would be this; whatever the subject is, whatever we are studying about, it essentially all tracks back to economics and economics will be there even it is fifteen or fifty years from now. However, how successful is the progress going to be, it really depends on us and I believe that never too late for us to start learning it and make an improvement for a better future. The future is still far and there is no harm on making an early preparation now. Like what Adam Smith said, Economic is everywhere. It’s in the home, business, science, government, etc and that is the reason why I exposed my every day’s life with economics. That makes me realised what is economics. Thank you.