Economics Terms

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Moreover, the prove to be an icing on the cake — the production cost per unit decreases as we produce more and more of the same units (the initial one-time setup cost can be a major part of the total expense).

And the best part is that both parties are better off after doing the transaction (and so is Mother Earth, for less wastage).

The aim of studying economics is to understand the decision process behind allocating the currently available resources, the needs always unlimited but resources being limited.

Adam Smith wrote ‘‘ which as the name suggests, was an attempt at understanding the reasons behind the economic growth (or lack thereof) of a nation.

Two branches within the subject have evolved thus: microeconomics (individual choices) which deals with entities and the interaction between those entities, while macroeconomics (aggregate outcomes) deals with the entire economy as a whole.

A typical college student (or an overburdened husband?

As a novice, economics seems to be a dry social science that is laced with diagrams and statistics; a complex branch that deals with rational choices by an individual as well as nations — a branch of study which does not befit isolated study but delving into the depths of other subject areas (such as psychology and world politics).

Economics is essentially a study of the usage of resources under specific constraints, all bound with an audacious hope that the subject under scrutiny is a rational entity which seeks to improve its overall well-being.

Just to appreciate the grandeur of this simple idea, just imagine your standard of living in a world where you have to produce everything for yourself.

You would likely revert to a medieval lifestyle, growing your own food and defending our own property.

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