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  • 09Dec, 2019

    Key concepts and areas of economics you should know

    Key concepts and areas of economics you should know

    Economics is not just about money. Its main motto is to arrive at the best decision to solve a given issue prevailing in an economy. It deals with the efficient and effective use of resources. 

    This subject encompasses a complete understanding of the economy covering both the micro and macro environment. Students pursuing this subject must be well versed with the concepts of demand and supply, scarcity, macro, and microeconomics.

    There are other few concepts that every economic student must know. These concepts deal with the day to day affair of an economy. 

    These basic concepts can be applied in almost every field.

    They are described briefly as follows-

    Scarcity:-

    Scarcity is a basic concept in Economics. It means the availability of limited resources to satisfy the unlimited needs of human beings. For example, resources like manpower, technology, money and raw materials are finite but the needs and demands of human beings are unlimited. 

    Economics helps in making the best decision in using these limited resources to meet such an unlimited demand. This subject also helps us in understanding the reason behind taking such a decision. 

    Sellers undergo robust research before marketing their products. It helps them in getting an idea of the market share they can cover. We can understand this with a simple example of strawberries production. 

    Strawberries get produced for around six to eight months in a year. Some customers prefer it as a jam, some as a preserved juice and others as a fruit. But because of its limited availability, only one of such product can be produced in a large quantity. 

    So, to decide the one to be produced in abundance is not an easy task. By understanding this concept, one can be enable to take an adequate decision after analyzing the situation properly.  

    Supply and demand:-

    Supply and demand are the pillars of an economy. This concept is widely applied in the market. Demand is a given quantity of product that people are willing to buy at a particular price with respect to their income. Supply refers to the availability of that product in the market at a price the suppliers are willing to sell. 

    The theory of supply and demand states how the price of a particular good is decided.

    For example: If the demand for strawberries is high, suppliers must produce more to meet it. However, an increase in demand will lead to an increase in price. With such a gradual increase in its price, the demand for it in the future will go down. This will lead to a disruption in its existing market share. Hence, suppliers have to lower their prices to keep them intact. 

    There are also some products which are not affected by it. These are goods which are necessary for meeting the day to day necessities of life. Hence, even after an increase in its price, these products have the same market share. For example: Electricity.

    Microeconomics:-

    It is one of the most important parts of Economics. It deals with the nature of a single unit (a person or a business). Microeconomics studies the behavior of a firm or a consumer in the market. It enables an economy to make the best decision for them. 

    Microeconomics deals with the process of interaction between individual buyers and sellers. It helps to understand the behavior that leads them to make their choices. It mostly focuses on the smaller picture related to individual behavior. 

    It mainly covers discussion on product pricing, factor pricing, the study of firms and many more.

    Macroeconomics:-

    Macroeconomics studies the larger picture to understand the decision-making process. It encompasses a wide study on the national economy, regional economy or global economy. This subject draws our attention to a large supply of goods and services to determine price, inflation, deflation, GDP, unemployment, etc. 

    We also study the price level, investment, and savings, Economic growth at a general level while covering this concept.

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    Students are asked to prepare several assignments during their graduation and post-graduation level. It is very important to understand the basic concept before starting to work on them. These concepts will help you in preparing your assignments in a much creative and attractive way. We can help you in understanding these easily.

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