To start with, Economics is a social science. By definition- It studies various aspects like the production, distribution and consumption of goods and services. It has main focus on the economies of the world and how to balance it and make it grow. There is microeconomics and macroeconomics, two aspects of the same subject.
Microeconomics is involved in studying the interactions on a minute level, including household expenses, companies, buyers and sellers in the market.Whereas, Macroeconomics takes care of the entire economy as a whole. It studies unemployment, job loss, inflation and government policies and overall growth strategies of the country.
Supply and Demand
This is a term that we come across very often. In most situations, it encompasses our lives and has a direct implication on our growth. We hear the terms on a daily basis, in some context or the other.It is basically a relationship between the number of buyers for a particular product and the available supply of products. If the supply is more, than the demand, automatically the price falls. In case, it is the opposite the price of the object increase.So, we always try to keep a balance between these two, to utilize resources to the optimum level.
There are other topics, like Business Cycle, which deals with the various cycle a business goes through. Unemployment is of prime importance in the global scene. We can find the rate of unemployment from the classical models of economics.
Economics rules monetary policy and inflation. It also includes Government policy and Fiscal policy. And, there is international economics also.
Learn About the Professions Related to The Study of Economics
Economics graduates can reach a wide variety of arenas, with one shot. You can find work in a large number of industries. It is related to people, with analytical and reasoning skills. Those of you, who are studying economics, can predict trends, apart from manipulating a lot of data of significance.
Paths open up very fast, for you all in the fields of finance, actuary, healthcare analytics, statistics, operations research, credit, supply chain, accountancy, auditing and many more.
So, What Is the Differences Between Economics and Other Social Sciences?
So, by now all of us have understood that it is a blend of sociology, law, mathematics and a few other disciplines, right? In the course of your study, you will be solving problems by:
The three most important functions in Economics.With time, you can master any problem, by breaking it down into components which help is finding an easy solution. You will learn to innovate and analyse. You will find solace in numbers. You will develop awareness and learn to boast about it.
Tip to Do Good in Your Economics Examination
- Always, start early. Do not let things simmering the background, for the last minute. Get the exam schedule from your teacher, well in advance.
- Get hold of notes, well in advance.
- Find out the main points of your notes.
- Get to know, all the supporting details.
- Find out old questionnaires and start practicing from them. There will be important bits of information, which you can make use of.
- There is no need to study for 8 hours, no one can. All that you will study in this manner will just vanish in mid-air during an exam.
- You need to nurture your problem solving skills. However, solving many of these becomes an issue, with only classroom methods. Problem solving skills have to be developed in areas like production, market structure, labour markets, unemployment, GDP, Capital income and such other topics.
So, while solving old papers students come across new ideas to ace future examinations. Go through model questionnaires. Strategize more, to solve the various problems.
Take the example of problems related to scarcity. So, allocation of resources is an important prerequisite. You have to incur opportunity cost and other related solutions are also there. All, this comes under the purview of economics.
Challenges in Economics
For many students, this relatively new subject. There are students, who are not aware of current economic situations.
Secondly, evaluation is an issue. It is the skill, most important that you can develop. Opportunity costs, alternative policies and budget deficit are some of the important parts of the subject, that you need to master.
Then, time management is important. Not all are able to do it, with ease. A 40 minutes’ examination requires, good planning. This scares most students.
Academic stress is also one of the demons, that students faces. Practice holds the key to all problems.
Students tend to alienate themselves, while studying economics. This is totally wrong thing to do. Students need to understand this.
The basic economic problems are production-related. Why we are producing, what we are producing and for whom are we producing. These are some of the important concept of economics. The answer lies in microeconomics and macroeconomics. Learn to imbibe these well in to you course study that is the only option.
So, Economics problems can be solved through some general mechanisms, like price mechanism, state machinery, goods services, prices, Demand and supply, equilibrium pricing, markets, goods markets, factor markets.
- Answer a few questions and you are on your way.
- How much to produce and what?
- What is the basic objective to produce?
- How to produce?
- Techniques of production
- Conditions required for producing
- Evaluation of pricing mechanism
- Limitation of production
Answer all of these, when solving any query. You are on your way to excel in the subject. That’s all. So, leant the tricks and tips to master it and you are on your way. Excel in economics and excel in all social sciences.
Times have changed and so have the rules of teaching and learning. Now, gone are the days, when there would be few students in the classroom and the teacher was able to give personalized attention to all. Dana Davis is a seasoned online tutor having expertise in the subject, Economics. She can help you achieve the best marks.