Division of labor is the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency (Lexico, 2020). This processed is used to produce a greater quantity of output by employees and businesses that can meet the demand for goods and services by creating a smoother flow and…
Introduction Robinson Crusoe is a novel published in 1719 by Daniel Defoe (1660-1731), a British novelist and journalist. Robinson Crusoe, the main character, a British young man, is obsessed with trying to make money in the world across the sea. Robinson shipwreck on the uninhabited island while sailing the sea as a sailor in opposition…
Economics Economics is a knowledge of social science concerned with the production, distribution, consumption of goods and services and transfer of wealth. We can know about the nature of market. From the economics we can know about the stock market, interest rate and income of the country. Economics can be divided into two parts Microeconomics…
Thomas Alva Edison is considered one of the greatest inventors in history. He was born in Milan, Ohio on February 11, 1847 and died in 1931. During his life he patented 1,093 inventions. Many of these inventions are in use today and changed the world forever. Some of his inventions include telegraphy, phonography, electric lighting…
After the Civil War was over, the South was in, for the most part, in ruins. Events during the war that made this happen were for example, General Sherman’s troops destroyed 33% of Atlanta by burning trees, houses, and anything else that got in their way. Around 10% of all the white males in the…
We have had many great inventors and is among them. The creator of many inventions including the electric lamp, stock printer, light bulb, phonograph, and literally hundreds of other useful inventions. Many different things in Edisons life lead him to be such a great inventor including his family life, his personal choices, and numerous other…
When the NBA dress code was put into place it was to correct many problems the commission perceived. The dress code requires players to wear Business Casual attire whenever they are engaged in team or league business. Meaning they must wear a long or short sleeved dress shirt and/or sweater. They must have dress slacks,…
“A way of life.” Many people use this expression as a way to talk about their subsistence and how they perceive their everyday life. What they fail to recognize, however, is the fact that their way of living is connected in a much broader category than they think. Anthropologists study these categories broad, narrow, present,…
There are many different ways to be a leader, especially in politics, where decisions may have a big national impact. The leadership style and accomplishments of Barack Obama, the 44th President of the United States, will be discussed in this article. Obama made history as the first African American president while in office from 2009…
“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…
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
- Intro to Economics: Crash Course Econ #1
2. Inflation Is Driving Secondhand Markets Out Of Control. Here’s Why.
3. How The Economic Machine Works by Ray Dalio
Interesting infographics about Economics
- World economics
2. Example of economic – Shipping Industry in EU in 2020
3. Importance of economics