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Jul 11, 2013

Top Five Things to Learn in Economics?

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economics education
In the modern world it is very important to gauge your financial health as well as of the nation, and Economics subject has been there for centuries to understand those concepts. Being a student of economics it has been fun to know about many factors those determine the well being of economy and household budget.

Keeping the financial crisis of late everybody witnessing it is very necessary to know abut few terms of economics and their impact on your financial position. The following mentioned factors include both marco and micro economics topics. And the aim of the post is the just hint about the factors and to know further about these we recommend using best economics books.

  1. Demand & Supply: It is the major factor that affects our life, the excess or less of demand has certainly impact on the price that is essential in our life. A layman also knows that the demand force in the market is related to supply side in regulating the price. And for that they no need to have degree in economics. Fish market could be the best example where one can experience the practical implementation of the demand and supply factor. Here we mentioned the fish market because of the short-term market for price mechanism.
  2. Inflation: It’s a macro economical terms that is being used regularly to say that price goes up of the goods in the market. It is directly affect the health of economy and household budget. There are many types of inflation; however, a bit rise in inflation is always good for economy and household. But the scenarios like galloping or hyper inflation always a bad thing for all. 
  3. Money: Everybody wants money to meet their wants. “Money is good servant but bad master” a definition there in economics. In economics, students would know about the evolution of money, which is the most interesting subject to know. The study about money is limited to economics only, but it is just like a general subject that needs no expertise. Everybody deals with money daily even every minute in their life, and their labor is being rewarded in terms of money, no matter a daily labor or CEO of a company. Money is the perfect thing that to know the value of goods and services in the market. It always draws attention of the people because it is the part and parcel of their life, without money even people afraid to imagine. 
  4. Market: No need to define what a market is, people knows that a place where buyers meet sellers. Market is the most common word we use every day and all the moment. Without the word, our sentences might not complete, particularly when we are taking about purchasing goods and services. And a favorite word for the ladies since they love to shop and a family is just synonymous for presence of ladies and their shopping. No matter be the size of the market, it due posses all the qualities and characteristics of market. Students of economics study about different types of markets and the role of price mechanism in market. 
  5. Human Wants: Just imagine how the world would be without wants. These are the root cause for the significant development of the world, civilization, society and technology. In economics, human wants are unlimited, a true fact. Human being wants many things but could able to satisfy few of those, in general and that is what economics also teaches us about wants. In economics students do learn about consumer behavior and utility factors related to human wants, those are pure micro economic concepts. Interesting thing about this topic is that, nobody tries cutting their wants, even a student of economics who studied and understood about human wants.
All these five things in economics are purely applicable in day-to-day life and for that there is no vast knowledge is required. The practical experience with these common factors made us successful in many ways and the study of economics has been showing the path to excel further.


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