The Study of Economics: The Basics ICCBizNews

Hi guys, welcome back to another post on your favorite blog “ICCBizNews”.

I am second guessing myself that the reason you are reading this article is because of the title “The Study of Economics: The Basics”. 

This guess is also being made whilst assuming the fact that you wish to know why you should study economics in the first place. 

Right?? 

If your answer to the above question is yes, then let’s begin our journey down the economic aile to learn about the basics of economics then!!

Now, economics is the study of how people use resources to produce goods and services that meet human requirements. 

It also examines how these goods and services affect the functioning of society on a day to day basis.

So, why study economics then??
Studying economics will not only help you to learn more about the world we live in, but also, help you to understand why people do what they do in the first place. You’ll gain an understanding of how the different parts of the economic system work, how businesses operate, and how government activities impact your budgetary income and savings as an individual.

All right, so what??
You see my friends, learning economics is the way to help you to understand and dissect how deals work in the business world and what behavioral patterns are behind those deals (I.E. Human Nature).

The economy is just a straightforward machine that works like clockwork in a place called the marketplace where people produce goods and services and change them for cash and credit. This keeps on passing on again and again for x no. of times.

So what??

This creates three effects:
Productivity growth
The short-term debt cycle
The long-term debt cycle

I shall speak about these topics in more depth in an another post.

So, what does the study of economics involve then??

I’m glad you asked.

The study of economics involves three affiliated examinations.

What are they??
1). Why are scarce resources exchanged??
2). How do consumers and producers behave as they interact with each other in different markets, in their attempt to achieve mutually beneficial and satisfying exchange??
3). The part played by governments in compensating for the limitations of markets in achieving the above-mentioned mutually beneficial exchanges??

That’s it.

Easy right??

So I suppose that’s about it for this post.

I hope you enjoyed reading it as much as I enjoyed writing it for you.

All right, bye for now.

See you in the next post.