Economics

Economics is a social science that studies the production, distribution, and consumption of goods and
services.
Definition of Economics
Economics refers to choices or decisions made by individuals, businesses, and governments regarding
the production, distribution, and consumption of goods and services. It also studies their resource
allocation for the same during scarcity. In short, it is a branch of social science dealing with the
interaction of people with value.
Why we study?
1. Economics is everywhere
Economics is a part of everyday life, and it’s also the gateway to the future. Studying economics gives
you a better understanding of market dynamics and from there, you’ll be able to apply your knowledge
to different organizations you go on to work with.
2. Make an impact
Economics allows you to drive positive change. It’s a field of study that’s interwoven with technology,
management, entrepreneurship and humanitarian progress, so our programs take a hands-on approach
to introduce you to these different aspects and their potential for unlocking growth. Our economics
programs also enable you to understand the links between these different but interrelated areas, so
your future decisions are fully informed.
3. Gain an international perspective
Economies work in tandem with each other. The links between them will give you an international
understanding of how the world works and reveal insights about different cultures, people and societies.
4. Develop transferable skills
Studying economics develops a lot of soft skills for you to take into any career. In particular, economics
puts you in a prime position to develop your analytical and complex problem-solving skills. Other
important skills for our globalized world include communication and cultural awareness, which you’ll
also done with an economics program.
5. Boost your career prospects
Economics is the backbone of any sector and you’ll be able to apply your knowledge across a variety of
roles. With economics, your potential career paths include (but aren’t limited to!): finance, banking,
insurance, law, and governance. Of course, a deeper knowledge of economics opens up more senior
roles—and with a master’s degree in economics, you’ll be in the running for high-level positions.
According to the World Economic Forum’s Future of Jobs Report, analytical thinking and complex
problem-solving skills are at the top of the list of most important skills for 2025. Economics graduates
are already in high demand, which is only going to increase as their unique skill set becomes more
sought-after.
What is a Need?
Human needs are a state of felt deprivation. need represent the basic physical needs for food, clothing,
warmth, and safety. Marketers can’t create real needs; they are a basic part of human beings.
A person’s need is never fully satisfied; however, they can be partially satisfied depending upon the
types of needs.
What is a Want?
The form human needs take as they are shaped by culture and individual personality. The basic
difference between needs and wants is that the wants are more sophisticated and require more effort
to obtain. Examples of human wants include having money, having internet, having a Mercedes car, or
being married. A want is not usually as basic as a need but it does have the same effect on the person
who has it.
What is a Demand?
When backed by buying power, want becomes a demand. Staying in star hotels, owning multiple real
estate properties, buying luxury cars like BMW or a Mercedes can be considered as an example of
demand. Demand is the force that helps society progress.
Cost
Cost is the expenditure required to create and sell products and services, or to acquire assets
Opportunity cost
Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or
services
The value of left choice to avail opportunity.
Factors of production
Factors of production are the inputs needed for creating a good or service, and the factors of production
include land, labor, entrepreneurship,(management) and capital.
Land
The first Factor of Production is Land. Land includes anything that is considered a natural resource,
but also the physical space within a location as well. The definition for Land can be extensive and
includes the different forms of what comes from the land.
Some of the resources that Land is responsible for providing include things like oil, coal, timber, or
gold.
Labor
The second Factor of Production is Labor which encompasses the physical exertion of human
individuals to produce the goods and services sold. There are many facets to what comprises a
person's Labor value, which is specific to the product being produced
Capital refers to the financial resources, tools, equipment, and machinery used in the production
of goods and services. It's like the "stuff" that businesses use to make other "stuff". 💰🔧🏭
Entrepreneurship is all about being a boss, bro! It's when someone starts their own business
and takes risks to make it successful. They're like the captains of the ship, steering it towards
success. 🚀💼💪
labor is all about the people who work to make things happen! They put in their time, effort, and skills
to produce goods and provide services. They're like the MVPs of the production process! 👨‍🔧💪🔨
land refers to all the natural resources like soil, water, minerals, and forests. It's like the foundation for
everything we do! 🌍🌳💦
microeconomics
microeconomics is all about studying the smaller picture of the economy. It focuses on individual
consumers, businesses, and markets. It looks at how people make decisions, how prices are determined,
and how supply and demand interact. It's like zooming in on the nitty-gritty details of the economy! 🧐💰📈
Study of individuals units of society
macroeconomics
Bro, macroeconomics is like the big picture of the economy! It looks at the overall performance and
behavior of the entire economy. It focuses on factors like inflation, unemployment, GDP, and
government policies. It's like zooming out and seeing how everything is connected on a larger scale! 🌍
📊💼
Study of whole society as a unit

Economics

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Economics is a social science that studies the production, distribution, and consumption of goods and

3. Gain an international perspective

4. Develop transferable skills

5. Boost your career prospects

The value of left choice to avail opportunity.

Study of individuals units of society

Study of whole society as a unit

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