Economics Essay Examples Page 47

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

1. 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

1. World economics

2. Example of economic – Shipping Industry in EU in 2020

3. Importance of economics