What do we mean by economics and why do we study economics? Please provide a few examples?
Answer:
"Economics is the study of how people choose to use resources." Resources are limited and there must be decisions made to how best use them. "In short, economics includes the study of labor, land, and investments, of money, income, and production, and of taxes and government expenditures."
Why do we study economics? First, it valueable in knowing what is going on in the economy. To find out what forces are causing social problems i.e. unemployment, inflation, etc and what a firm or a government can do about it. Economics is the basis of how people react to changes in business, money, interest rates, inflation, etc.
There are many headlines that economics influences.
http://www.vanderbilt.edu/aea/students/i...
well its a way to measure how big the government tax take will be as well as how much money is made in each sector.
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