Introduction The core tenant of rational choice that I want to test is; ‘have people well defined and stable preferences’. It is assumed that an individual’s preferences are transitive and well defined however through close examination this is not always the case. I aim on showing this by conducting a field experiment using a nudge…
“Why do bridges collapse?”, is a common question asked by most. As humans, we are more prone to think about what could go wrong rather than why something does not go wrong. Yet, at the same time, neither of these questions may even cross our mind. We walk and drive across bridges almost every day…
“Liberalism is a political-economic system, then, is defined by its emphasis on individual freedoms over collective equality and on the power of markets over states” (O’Neil, 2013, p.89). Liberalism assumes that individuals are best suited to take responsibility for their own behavior and well-being. Adam Smith used “liberal” in a similar sense in The Wealth of…
Globalization is a growing interdependence of the world’s economies, culture, and populations brought about by cross-border trade in goods services, technology, and flow of investment, people and information. Countries have built an economic partnership to facilitate these movements over many centuries. Our world today is becoming much more globalized than it has been at any…
The Human Development Index is a measurement of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development. A country scores a higher HDI when the lifespan is higher, the education level is higher, and the gross national income GNI per capita is higher. It…
Executive Summary This paper includes the effects of globalization in several aspects, including economic, political, cultural and social. This paper begins with a simple explanation of the workshop and how it was prepared. Followed by a workshop Insight that includes the most important positive and negative points of globalization within what was discussed in the…
The global financial markets relate to stocks, bonds, securities, debt, and many more. The fluctuations in the interest rate of debt and securities depend on the national interest rate of all countries. Changes in interest rates have a significant impact on foreign investment. High-interest rates have a stronger currency value than the country with lower…
My major is economic geography and it is a discipline that I have learned different aspects of geography. My major was Economic when I was in freshmen year and before I joined this major, all I knew about geography was the physical parameters of geography and I never thought economic and business could have relations…
The minimum wage should be raised to $15 per hour to help people get out of poverty, improve the economy, and lower the wage gap between the poor and middle income. A job should lift workers out of poverty, not keep them in it.”~ Sen. Bernie Sanders. Congress has raised the minimum wage 22 times…
Raising Minimum Wage
Advise to Solve Poverty in Republic of Chittagong How to solve the Republic of Chittagong’s poverty problem. First of all, the prime minister, Dr. Amina Aboubakar especially requested to me about trying to solve woman, religion, ethnic, and young people poverty. Before starts to advising, to solve Chittagong’s poverty problem, we should know about the…
Check a list of useful topics on Economics selected by experts
The balance between demand and supply
Elasticity: quick response of one variant from the change of the other
Consumer demand theory
The theory of production: The process of changing materials into products
The structure of a market and the system that comprises it
The labor economics
The information economics
The economics of market structure
10 principles of economics
How has the internet changed marketing?
The four-day workweek: Is that something more companies should adopt?
What role do consumers play in keeping the market stable?
What Role Does Advertising Play In Microeconomics?
Ways In Which Creativity Can Lead To Huge Success
Industrialization Impacts On The Environment.
The Seasonal Changes In Our Economy.
The Purchasing Ability Of A Consumer And Its Impact On Prices.
The Latest Marketing Trends.
Focus On Companies That Have A No Sale Policy.
Changes In Oil Demand Over The Last Decade.
How Does Economy Change With the Change of Seasons
An Argumentative Essay on the Microeconomic Market Structures
How Do Different Microeconomic Market Structures Affect Supply?
The Impact of Labor Market and the Labor Union on Supply and Demand.
How Does Consumer Purchasing Ability Affect Pricing System?
The Use of Advertising in Microeconomics and How it Affects Customer’s Decisions
Should credit card companies add a warning page as part of their contracts?
Does outsourcing reduce costs?
Does outsourcing benefit the country receiving the work?
Would a European economic crisis affect other countries?
What is economic?
Economics is a set of economic sciences, a type of social science that studies the relationship between people in the production, consumption, distribution, and exchange of goods or services. The subject of economic theory is how people and society choose to use limited resources.
In addition to the basic one, there are several other definitions of economics put forward by scientists over the years. Its founder as a separate science is considered to be Adam Smith.
Economics was also called political economy, but from the second half of the nineteenth century it became politically neutral, and the word “politics” was excluded from the definition. Nowadays, economics is considered to predict the outcome of certain political decisions without interfering with politics.
Historically, economics has come a long way. Its main directions were mercantilism of XV-XVIII centuries, physiocracy of the second half of XVIII century, classical political economy of the end of XVIII century – 30s of XIX century, neoclassical economics which appeared in 1890s, Keynesianism and monetarism of XX century. A separate direction in economics – a peculiar offshoot of it – is Marxism.
The subject of the study of economics is not values, but agents of economic activity, such as individual households and society as a whole. That is why economics belongs to the social sciences.
On the scale of the study it is divided into microeconomics, the subject of which is organizations and households, and the study of the functioning of the economy as a whole.
Microeconomics looks at individual agents and their choices: what and for whom to produce, consume, how to interact in the process of exchange, etc. It studies the efficiency of production, cost, supply and demand, the specialization of economic agents, uncertainty and game theory.
The main macroeconomic indicators are unemployment, inflation, economic growth, monetary and monetary policy, and business cycles.
In addition to macro- and microeconomics, economic sciences include the following disciplines: econometrics, economic statistics, history of economic teachings and economic history, management, marketing, branch economics, engineering economics, enterprise economics and labor economics, accounting, managerial and financial accounting, etc.
Videos about Economics
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Interesting infographics about Economics
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