Economy Essays Require a Thorough Knowledge of Economic Theories and Concepts
In our day to day life we all affected by economy, but most of are remain blissfully unaware of the happenings of the economy and its macro as well as micro level implications. When you are required to write economy essays, a proper knowledge of economic theories and concepts will be essential.
Adams smith is father of Economics. He defined economics as ‘Nature of Wealth of Nation and inquiry on Wealth of Nation’. Smith was, in many ways, the founder of moderns’ economics. He wrote at a time when industrial revolution was just beginning to transform European society. His thinking placed economics on its macro level perspective and set the mindset open for industrialization and mass production which contributed vastly to improve the wealth of many of the Western nations. Other than Adam Smith, there are number of other economists who provided definitions. Some of the notable economists you may wish to cite in your economy essay include David Ricardo, Thomas Carlye, W.Stanley Jevons and Alfred Marshall.
Modern definition says, “Economics is the study of how society allocates scarce resources and goods. Society consists of individuals, businesses, and governments. Resources are inputs used to make goods. (Such as labor, land, capital etc.) Goods include products and services. The demand and supply as well as price equilibrium mechanism make up the market conditions. The factors of production, opportunity costs, competitive advantage, absolute advantage and production possibility frontiers define optimal production decisions in economics. Your economy essay will need to apply these theories and concepts appropriately and write in illustrative fashion so that it demonstrates your full understanding of the subject.
Fields of Economics
Economics can be broken down into more specializes subfields. Such as Macro economics and Micro economics. Macro economics studies the behavior of the whole economy of a country by focusing on leading economic aggregates such as national income, employment, consumption and investment, general price level, and the role of fiscal and monetary policy in the economy. Micro economics is focus on economic phenomena which are small in the sense that the parts are small in relation to the whole. Micro economics consists of Economic and Non economic goods, production, factors of production, scarcity, alternate uses of resources, opportunity cost etc.
Economy and Its Development
Economic development is important aspect for a country and government always focus on this concept. Simply e development is a measure of the living standard of an average citizen. This is the main goal of economic development. Economic development of a country will directly influence towards the development of country. Economic development can attract the investors’ and lead to increased economic activities, job opportunities and boost to business environment. This concept will vary from country to country and depending on political ideologies and national agenda’s the physical, monetary and foreign investment policies will change. However, high levels of production and its sustained growth are among the most important goals for any nation.
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