What is ECONOMICS

           What is economics 

Definitions of Economic : 1) Economics is a term comes from GREEK - Oikos means family , household or estate and nomos stands norm or law.

  2). A social science directed at the satisfaction of needs and wants through yhe allocation of scarce resources which have alternative uses.

  3). Economic is a science that deals with the making , distrubuting ,selling and purchasing of goods and services .

Definition of Economic by Adam Smith:-  Economic as  "an inquiry into the nature and causes of the wealth of the nation"

 Economics focuses on the  action of human beings , based on assumptions , that humans act with rational behavior .

          Types of economics 

1) Macro Economics, which deal with the entire economy of the given unit - province , nation or the world itself. Foe example , varibles like the size of the economy in the form of national income , economic growth , inflation , employment , foreign trade , poverty , inequality etc 

It the is brancg of Economic , emerged after the British economist Jhon Maynard keynes published his celebrated book THE GENERAL THEORY of Employment , Interest and Money in 1936.

2) Micronomics ; on the other hand  studies the units of the economy and their behevior , consumer ,seller , business firms etc

3) Meso economics studies the intermidiate level of economic organisation in between the micro and the macro economics like study of a sector of economics like auto , imfrastructure , may be considered meso economics while the study of each unit may fall under micro. 

  Why Economics is Important 

  > Economic and The World

        Economics affects nearly all aspects of our lives . Its a broad subject area that equips you with skills that are needed in  a variety of sectors and professions. Economics helps us understand the world around us and how it  really works .It also hepls us to understand the people , govt , business , and markets and why they make the economic choices they do.

 

> Transferable skills

An economics degree will provide you with subject-specific skills, such as the application of economic models and principles, financial markets and so on. However, you will also gain skills that can transfer to many other subjects and professions. Some of these include:

• Communication - explaining complex information and presenting findings
• Problem Solving – gathering of information, making recommendations, and drawing conclusions 

> High salaries

Economics graduates’ typical starting salaries vary between £25,000 and £35,000, and once you have three or four years’ experience, you could expect to earn £40,000 or more. Senior economists earn a great salary, ranging from £50,000 to upwards of £75,000. The figures vary depending on location, experience, and chosen sector. Typically, those working in financial services, banking and consulting, earn the highest salaries.

> Job prospect

Economics is such a versatile subject and so widely used in day-to-day life, that graduates of the subject can expect great career prospects. Employment in the economics profession is already high and is projected to grow over the next decade. Organisations across many industries use quantitative methods and analysis to create accurate forecasts for market trends. Demand is expected to be very strong for skilled professionals who understand big data in pricing and advertising.

> COmbine economics with other subjects

Economics is so versatile and widely relevant, that it works perfectly in combination with other subjects. As one of the social sciences, economics can easily pa related to these other disciplines – they all actively complement one another.

       Importance of economics in our daily lives

Economics affects our daily lives in both obvious and subtle ways. From an individual perspective, economics frames many choices we have to make about work, leisure, consumption and how much to save. Our lives are also influenced by macro-economic trends, such as inflation, interest rates and economic growth.

• The opportunity costs we face in deciding what to buy – how to use time
• How to maximise our economic utility and avoid behavioural bias
• How the macro-economic – inflation, economic growth and employment prospects affect our living standards.
• Individual markets like housing market can influence our standard of living.
• Understanding issues like externalities. We may not like paying petrol tax, but if we see it helps to reduce pollution and congestion and the tax revenue is used to subsides public transport, it gives a different perspective.

                                                                       By : ROHIT PARIHAR  📕