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Economics is the important you get to know how societies, governments, businesses, households, and individuals allocate their scarce resources. The economics can also provide valuable knowledge for making decisions in everyday life.
Economics is concerned with the optimal distribution of resources in society. The subject involves, understanding what happens in markets and the macro-economy, examining statistics about the state of economy and explaining their significance, understanding different policy options and evaluating their likely outcomes.
Economists are well known for advising the president and congress on economic issues, formulating policies at the Federal Reserve Bank, and analyzing economic conditions for investment banks, brokerage houses, real estate companies, and other private sector businesses. They also contribute to the development of many other public policies including health care, welfare, and school reform and efforts to reduce inequality, pollution and crime.
Some important points about Economic
1. Economics provides a mechanism for looking at possible consequences as we run short of raw materials such as gas and oil.
2. A critical divide in economics is the extent to which the government should intervene in the economy. For example – should the government provide health care free at the point of use or is it more efficient to encourage private health care.
3. The free market leads to countless examples of market failure. I feel one of the best uses of economics is to provide solutions to overcoming market failure.
4. One of the principal jobs for economists is to understand what is happening in the economy and investigate reasons for poverty, unemployment and low economic growth.
5. Economic forecasts are more difficult than understanding the current situation. However, although forecasts are not always reliable, they can help give decision makers an idea of possible outcomes.
6. Economics is not a definitive science like Maths. Because of many unknown variables, it is impossible to be definitive about outcomes, but a good economist will be aware the result depends on different variables, and there are different potential outcomes. This should help avoid an overly ideological approach.
7. Modern economists have examined economic forces behind everyday social issues
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