Everyday we deal with economics; whether we all know what it means or not at all. In our everyday activities, economics is one very important field that is always applied. As I said, some may not know that meaning of it. However, it pays to be able to know and understand the meaning of it so that we will be able to appreciate it more. Several definitions have been given and are enumerated as follows:
Web definitions of Economics:
- The branch of social science that deals with the production, distribution and consumption of goods and services and their and their management.
- A social science studying production and consumption through measurable variables. It involves analyzing the production, distribution, trade and consumption of goods and services.
- The science that deals with the production, distribution, and consumption of wealth, and with the various related problems of labor, finance, taxation, etc.
- The study of the economy.
- The study of choice and decision-making in a world with limited resources.
- The study of how people choose to use scarce resources to satisfy their needs and wants.
Other Definitions:
- Study of the steps of the production of products, how they are distributed for selling to the public and how the public response to buying the product.
Economics as a broad-based social science, begins with the fundamental assumptions that resources are scarce and human wants are unlimited. Economists therefore focus on the analysis of choices forced by these assumptions. Example: Today, why do you major in a particular field for instance? You may have a wide number of talents and interests whom you may want to develop but because of limited time and money, you are forced to choose a single major (the one that you are currently pursing) from different competing options.
Students may have a lot of reasons why they study economics but only one of which is an interest in theorizing about the allocation of scarce resources among competing ends. It has to be observed that economics being a broad-based science covers almost all aspects of life. In the pursuit of a decent career and development of good citizenship, economics offers a lot of help.
Again, you may want to ask why study microeconomics or macroeconomics? By studying microeconomics, the students are given the opportunity to learn how to apply microeconomics principles to actual decision-making problems. While studying macroeconomics enables them to understand government's decision making and the economy as a whole.
PDIS
32 comments:
This article help us to become aware with the happenings in our economy. This article also help us, especially I as a student to become more equipped with information regarding to economics. :))
Is that all?
I agree that economics covers all aspects of man's life. From its day to day decisions to big deals of life. Thus, the study of economics is very important if you want to be aware with the past and current condition of our economy. We, the youth should not be passive when it comes to our economy because it is where our future lies. So guys start loving ECONOMICS for a brighter future.
Thanks for the information, I can say that through this article, I had a better understanding of Economics. Though I doubt the senators and politicians understood it; What with all their knowledge and their doctorate degrees, they still don't know how to properly allocate the Philippines' resources, even among themselves, still not properly allocated...LOL!
Economics is very important in our day to day living, especially in making decisions. As a student, this article is very helpful in order for me to be aware and understand what economics really is.
I lOve this article!
studying economics is really hard for me, maybe this is the one thing we encounter everyday.
But I love too learn more about it.
It seems more interesting to find out the different cycle of our daily living.
This article help us, and it may always applied. It is very important to aware and understand what economics is.
when I read this article the thing comes in my mind is how important the economics in our daily living. Of course this article expanding my idea about economics. Therefore, this article is interesting.
Eventhough their are a lot of definitions of Economics their still aiming for one reason, to let people know how the money was trade and organized in a society.
This article help us know what economics is, and for us to be aware enough of what we are taking. This help us to be well-prepared when we graduate and to help us makes a decision.
The article stated that economics is part of our lives. In studying economics, it is important because for us to know the background of it and to know whats really happening to our economy especially to our country.
this article somehow gives an idea to the students on what economics is all about. Though it has a broader meaning, it always focus on human behavior on how he manage to allocate every resources for his unlimited wants and needs.
This article teaches us on how we can manage our everyday lives by selecting the best choice.
As a concern citizen... it is but a must to deal with various circumstances around us. It is even far more important to be part of a lingering success of our national economy by way of critically thinking for a well-defined remedy for certain arising economic problems. This can only be made possible the moment an individual is informed. Needless to say, economic information (econonomic issues- unemployment, inflation, economic growth, taxation, poverty, internal trade, health care, pollution, regulation, and education, among others) won't be released without the willing participation of the latter. What i'm actually trying to say is that, it is we who must do the first move. We need to find out what's going on HERE AND THERE.... The answer lies on our own initiative. This is through studying "economics".
Why study such??.... A basic understanding of economics is essential for well-informed citizenship. Accordingly, inevitable questions are raised . ahmmm...shall i stressed out the author.. McConnelle Brue.. What level of taxes should we have? How can we increase the rate of economic growth? How can we reduce poverty? How can we make the social security retirement program financially secured? These are only a few we aim to learn about, may it fall under macroeconomics or microeconomics. :) XD
sO GUYSSS,, wAZZUPPP?.. think about it... ! It is a need to understand fully the real meaning of ECONOMICS...
this article gives us an idea on how important economics in our daily lives..this is not just a subject to be taken, but also a subject to be studied and learned that plays an important role in our everyday activities..
Studying Economics is indeed helpful in dealing with our day to day activities. Economics is everywhere, thus, this article helps me in understanding more why economics should be loved by everyone.This subject must not be taken just for the sake of passing or getting high grades but let us all take this with all our hearts and minds for this has a great impact on our future endeavors.
It is more important to study and understand economics because it always involve in our daily activities, economics with play many roles and deals with numbers also allocates aspect in our life.
This article is very informative. Economics is our everyday life, we tried to look for resources to produce what we need, we sell what we have and we distribute it.
We have to study Economics for us to be guided in every decision we would make. Economics opens our mind to the possibilities that we would encounter in our daily lives.
Economics as a field of study teaches us the possible consequences of the economic decisions we make in our daily course of living. It also guides us to make the best decision we think as the most beneficial to our daily living..
We need to study economics because it use in our daily activities in life. Whatever we do, whenever we go, economics is always there. In decision making and buying something, economics is always involve. As a human being, we are always an economic being.
This article helps us to briefly understand the meaning of economics. Economics is very important because it involves in using scarce resources especially in satisfying our needs and wants. We can also apply this in our everyday activities especially the economists.
Its true, economics is very important in our daily lives even though we don't know that thing can be applied to economics. It is important because by this we know our resources are being to be scarce. In fact, we can help our environment to remain stable for our future generation.
At first, people most especially us students would really wonder why do we have to study Economics. Is it really essential to our day to day living? Or is it only a requisite of the course? All of our concerns and doubts regarding the essence of studying Economics will be answered if we start to understand that Economics is not only a subject that students should study but also an important factor that affects our lives. When we study Economics we will be able to understand the happenings in our economy which greatly affects the world, our nation and the society. Since our resources are scarce people tend to find ways in order to allocate properly the resources available in order to live. But how do people know such things? It is when Economics exists. We may not be able to see or observe it but we are already applying the principles of Economics. In fact, everyday we are dealing with basic problems like how to budget our money to be able to buy the goods or commodities we all need in order to survive. Thus, the principles and the concept of Economics are very important not just for the nation in totality but also for us- individuals.
True to life. :) Economics is so important in our everyday living because it would be a big help for us to decide which are to be done or those that are not. :)
wow, it's true that economics is an interesting field of study because through economics people choose to use scarce resources to satisfy their wants and needs. That's why people aware on why price increase and that's because of scarce resources for production of goods and services.
Yes,it's true that everyday we encounter economics yet we are not aware of it. It is essential to study economics because it can help us in decision making in our daily activities that is beneficial to us. We are also aware of the prices of the products in the market. Due to scarcity, proper allocation of resources should be made. If you just understand what is economics all about, there you can appreciate the real meaning of it.
Persons coming from all walks of life deals with economics everyday. I guess that is quite enough to to speak the importance of the existence of economics.
Yes, it's true. Everyday we deal with economics but we are not aware of it. Even in buying goods and services, earning money or depositing and withdrawing in the bank are all economic activities. Economics is important because it affects our lives. It helps us in decision-making, how to spend our money wisely and many more.
Knowing economics is very important because it is already part of our daily life,like budgeting of family's income that is part of economics already.And also,it is important to know economics so that we would be aware of what is going on in our country's economy.
Studying economics helps us in our day to day living as normal people. This could help a lot for those people and to all in a way that we could manage to or we could survive to for all and to such decisions.
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