What is Economics?

Many of us wonder what exactly Economics is all about? Some people think Economics is the study of money, or Economics is the another word for accounting whereas others say Economics is difficult don't ever take economics. Well none of the above definitions precisely describe what economics is all about because Economics is a social science concerned with the production, distribution, and consumption of goods and services. In other words, Economics is the study of allocation of scarce resources, alternative uses of resources and management of resources for the sustainable growth and development of the country, people and the government. 

What is Economics?

Likewise, Economics is the study of choices since wants are unlimited whereas resources are limited. Thus, people need to make a good choices to avoid crisis in the future. All economics questions can be fall under Positive or Normative. If there is questions such as What is? Why people use money? and when there is no value judgement. These Economics questions fall under Positive Economics questions. On the contrary, when there is questions such as what ought to be? Should people use money? and when there is value judgement. Therefore, Economics is said to under Normative Economics questions. 

Branches of Economics 

In addition, Economics is primarily divided into Macroeconomics and Microeconomics. The Microeconomics is the study of individual agents and markets whereas Macroeconomics studies about the entire economy as a whole. Economics also has the branch called Econometrics where it needs a lot of Mathematics skills to analyze economic data since economic data comes from the real world and Econometrics even faces Mathematical challenges. In addition, Economics not only studies market but also crime, culture, law, politics, the family, war and even genetics.

Master Economics 

Similarly, Economics needs several ideas such as knowledge of history, geography, language, mathematics, and even psychology. It is true Economics is belief as one of the difficult courses but remember readers hard work always pay you and if you can do it, you will not regret for studying economics since economics has the power to understand the world more and the jobs you do after studying economics will pay you handsome salaries along with strong sensitive thought eventually you can easily aid your society, people and your country. 


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