Global Web Forum

attique

Professional

Registered: 2015-02-02

Posts: 48

Economics

Economics:

Economics is defined as a science that deals with the making, distributing, selling and purchasing of goods and services.
Economics includes the study of labor, land, and investments, of money, income, and production, and of taxes and government expenditures. Economists seek to measure well-being, to learn how well-being may increase over time, and to evaluate the well-being of the rich and the poor.
Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction, studying it often reveals why people and governments behave in particular ways.

Trade-Off:

In economics, the term trade-off is often expressed as an opportunity cost, which is the most preferred possible alternative. A trade-off involves a sacrifice that must be made to get a certain product or experience. A person gives up the opportunity to buy good B, because they want to buy good A instead. For a person going to a baseball game, their economic trade-off is the money and time spent at the ballpark, as compared to the alternative of watching the game at home and saving their money, plus the time spent driving to the ball game.

Last edited by attique (2015-02-02 10:39:36)

husnain

Administrator

From: Chichawatni,Pakistan

Registered: 2014-10-03

Posts: 8,129

Website

Re: Economics

There are many reasons for studying economics. First, economics is essential to understanding the world in which you live and work. What determines the prices of the goods and services on which you spend your income, and the prices of the stocks and bonds in which you invest your savings? How does education affect the lifetime earnings of people? Why do some people earn so much and others so little? Why do some jobs pay high wages while other jobs pay low wages? How do firms operating in different market environments decide what quantities to produce of their product outputs, what prices to charge for these outputs, and what quantities of labour and capital inputs to employ? How can economic analysis help us understand and solve the problems of environmental pollution and resource depletion? What determines the level of national income and aggregate employment, the rate of price inflation, the rate of unemployment, the rate of growth of aggregate output and productivity, and the international value of the Canadian dollar? Why do average standards of living vary so widely among and within countries?

---

You cannot discover the new oceans unless you have the courage to lose the sight of the shore.