What is Economics?
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http://economicsdetective.com/ The typical first-year student walks into his first economics class with very little idea of what economics is. He might have heard something like, "economics is the study of money", or "economics is another word for accounting", or "economics is hard, don't take that class", but none of those are true. "Economics is the study of the use of scarce resources that have alternative uses." That's the classic definition of economics. Basically, there are people, and people need resources to fulfil their desires. These resources cannot be infinite, but the desires can be, so people need to make choices about how to use their scarce resources. Economists study these choices. All economic questions fall into one of two categories: positive and normative. Positive economics describes "what is" and normative economics argues for what ought to be, so a question like, "why do people use money?" is a positive question and "should people use money?" is a normative question. A general rule of thumb is that if your economic model has no value judgements, it's positive economics, and if it does have value judgements it's normative economics, since to tell someone what he ought to do, you first have to judge what is best for him. Economics is also divided into microeconomics and macroeconomics. Microeconomics studies the behaviour of individual agents and markets, while macroeconomics studies the behaviour of the entire economy. Economists also have their own branch of statistics called "econometrics" that's specialized to analyzing economic data. Since economic data usually comes from the real world, and not from controlled experiments, econometrics faces mathematical challenges that other fields might not. The tools economists have developed to study human behaviour have broad uses outside of what we would traditionally consider economics. Economists study not only markets, but things like crime, war, the family, religion, culture, politics, law, and even genetics. That's why it's not unusual to see papers by psychologists, sociologists, criminologists, political scientists, anthropologists, biologists, neuroscientists, or legal scholars being co-authored by economists.
Comments
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Its ecomics not eeeconomics
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Thank you, I taking Economics now, for next year, you gave me a nice overview.
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Thank you!
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I'm a college student and in this semester i'm taking Econ 111 which is one of my Core subjects and has some formulas and .....
so i was thinking
- do we use this ****Formulas in real LIFE When WE get Job ???? Of cource NOT !
- who The ***person made this policy that bussiness students should study those **** Useless Formulas ????? HUH ??????
- Do they know How Much WE SUFFER during the exams just beacuse of 1 ** Mistake We lose marks ???? -
Economy is social sceince which explains how people engage our selves consumption,disturbution,and production of goods and service in to soceity
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What's the difference between '
economics' & 'economy'? -
This video is clear and easy to understand introduction to economics. Good work
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lol i have my first economics a level class tomorrow
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Thanks so much for sharing, I was required to listen for my economics course. Was very helpful and simple to understand.
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WTH? what shit is this?
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Had to watch this for an assignment in my economics class, very helpful. Thanks!
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hey can you make 1 about elasticity? great stuff by the way :)
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The background music is very annoying... couldn't finish the lecture.
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A very great,helpful and too much easy lecture for me, thank you Sir....
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You teach me very well I'm so smart in school! I'm the smartest one there I love your videos
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I didn't actually get anything ............
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WTF are you talking about !?
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does economics have a good chance for finding a job?? comparing to juristics for example?
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i understood meaning of economics but how they work in society if person study accounting his work is accountant when study economic how and where they work as economist i hope to get respond
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Very nice
2m 55sLenght
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