Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. It helps in studying the manner in which people and markets interact and explains why people and government act in a certain way.
The study of economics involves the four fundamental concepts: Scarcity, Supply and demand, Cost and benefit analysis, incentives – these are well explained below:
SCARCITY: This is the fundamental concept of Economics. Human needs are satisfied through limited available resources such as manpower, technology, money and raw materials. However, the demands of human beings are unlimited. This is why studying Economics is essential as it helps in taking appropriate decisions for using the resources so as to meet the demands of the consumers. Studying this subject also helps us discover reasons for taking such decisions.
SUPPLY AND DEMAND: This is the main pillar of market economy. Demand refers to quantity of products that consumers wish to buy at a particular price whereas supply refers to availability of products at a particular price. The fundamentals of supply and demand explain as to how price of a product remains fixed.
COST AND BENEFIT ANALYSIS: This involves reching an optimal solution by comparing costs and benefits of various alternatives, so as to maximize profitability. The cost and benefit analysis considers qualitative as well as quantitative aspects for examination of monetary value of a project or any investment.
INCENTIVES: This is the source of motivation to follow your preference in economical sector. .Incentives could be extrinsic or intrinsic in nature. The extrinsic incentives originate from outside the person, so as to motivate him to accomplish the task. Intrinsic incentives include the internal feelings of satisfaction for the work, which in turn motivate you to work harder.
Economics is subdivided into the following:
This branch of economics considers various aspects from a broad point of view, thereby analyzing the economic output of entire countries, their position in the international marketplace and how production is maximized by effective utilization of resources to encourage growth and success for future generations. The concepts of economic growth, phases in a business cycle, unemployment, inflation, and monetary policy, fiscal policy – are well covered by this branch of economics.
This branch of Economics focuses on the actions of individuals and industries within the economy, buyer-seller interactions, how businesses respond to price variations and fluctuations and how this impacts demand – thereby analyzing the parts which make up the economy. Concepts such as appropriate production control through cost effectiveness and efficiency are well covered by this branch.
There are various applications of Economics. The economists describe and measure their observations with regards to economic parameters and concepts. They then propose an explanation for such observations and develop the various hypothesis and constructing models. Hypothesis testing is then done to understand if it should be accepted or rejected. If the model works well, the economists use it further to predict future buying behavior.
DIFFERENCES BETWEEN MICROECONOMICS AND MACROECONOMICS
There exist specific differences between Microeconomics and Macroeconomics, which are listed below:
- The study of Microeconomics deals with behaviour of individual unit whereas the study of Macroeconomics deals with the behaviour of the economy as a whole.
- Microeconomics is termed as ‘Price theory’ whereas macroeconomics is termed as ‘Income theory’.
- The study of Microeconomics deals with the issues that disturb an individual or company (for example: opportunity cost, demand, supply, etc). On the other hand, the study of macroeconomics deals with the issues that disturb the entire country such as increased prices, inflation, unemployment, etc.
- In the study of Microeconomics, unrealistic assumptions are made. However, in the field of macroeconomics, the conceot of ‘fallacy of composition’ is involved .
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