Economics is study of how people deal scarce resource for production, distribution, and consumption, both individually and collectively. The two branches of economic are microeconomics and macroeconomics. Economics focus on productivity in production and exchange.
Providing you with knowledge and skills that employers want. Economics, at its core, is study of how to evaluate alternative and make better choice. It develop critical-thinking and problem-solving skill to make good decision. It develop analytical skills to examine data to support good decisions.
Economics is anxious with creation, consumption, and transfer of wealth. The study of economics include major area of microeconomic, which explore how people and firm produce and consume goods and services, and macroeconomic, which discover mass economic progress and inter-country trade.
These principles are: Scarcity Principle, Cost-Benefit Principle, Principle of Unequal Costs, Principle of Comparative Advantage, Principle of Increasing Opportunity Cost, and Equilibrium Principle.
An economist studies relationship between society’s resource and its production or output, and their opinion help shape economic policy related to interest rate, tax law, employment program, international trade agreement, and corporate strategy.
Economists analyze economic indicator such as gross domestic product and consumer price index to identify potential trend or make economic forecast.
Many economic theories evolved as societies and market grown and change. However, three disciplines of economics, neoclassical, Keynesian, and Marxian, influenced modern society.
The principles of neoclassical economics are often used as framework to illustrate virtue of capitalism, including tendency of market price to reach equilibrium as volume of supply and demand change. The optimal valuation of resource emerge from force of individual desire and inadequacy.
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