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Oct 6, 2010

All About Economics!

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The scope of economics is very wide. It is certainly no need to be a scholar in the subject to know what is all about the economics. Today, everyone speaks about the food inflation, interest rate and central bank activities and its fiscal measures.

To begin with, the economics is very simple as other social science and it closely related to people irrespective of their class and status. The study of economics defines the financial health of the economy as well as the individual house hold.

The figures of International Monetary Fund(IMF) or World Bank figures on any economy would be bit confusing many. And the in country, the GDP calculations or interest rate variations by the central bank would also a bit of confusion for many others as well. But if those subject taken as individual spear then it would be easy for common men understand it.

As far as the reports or media coverage over the economic jargon its also very necessary to pin point the definition also, so that a laymen can get it. However, the study of economics is interesting for many and some feel that the study of economics also spread its roots in the better implementation or application in household, common business, national income and other fields too through micro and macro analysis.

In a broader sense, the micro economics and macro economics stand on two different variations and cover different subjects though.


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