The Scope of Economics

Economics is the study of human life and work, not the whole of it. How a person is born, grows and dies is biological science whereas economics is a study of how man utilizes his limited resources to satisfy his needs. A man has limited amount of money and time but the needs are unlimited. So the money and the time must be spent very effectively to get the maximum satisfaction this is what economics is all about.

There are different types of economic activity that we humans do like doctor attending patients, farmer tilling lands, worker working in factory like this there are different activities these activities are targeted towards money and money is needed to fulfill the needs. This cycle never ends we work for money, money is used to fulfill needs then new need comes again we start working and it keeps going.

Our society has changed a lot when compared to olden days where we consumed what we produced whereas now we are in a primitive society where we produce product that we don’t consume and consume products that we don’t produce. So if we produce excess we need to sell it and also we need to buy things that we don’t produce.

We produce products in factories, to make the product we use labor from the worker, land from landlord, capital from capitalist, and businessman organizes all these together to produce the product. All those who are involved in this will be rewarded with money. Worker gets wages, landlord gets rent, capitalist earns interest, and businessman gets the profit. The product produces is not consumed by any of them whereas they produce for the consumers and they in turn get money and fulfill their needs. This process is called Distribution.

This is just a wide angel of economics there are various inner branches which concentrates on particular fields. Economists are those who get specialized in a particular area and manage the company’s growth. One of the important branches of economics is Microeconomics which concentrates on particular field of work like if its steel industry economist gets expertise in the steel industries alone.

Another branch is Macroeconomics which is exactly the opposite of Microeconomics this concentrates on all the fields together. These both are based on the industry whereas there is something called International economics which concentrates on the country’s economy growth.

In colleges and universities students are tested with many economics assignments, projects, case studies and research papers to test their knowledge on the subject. Students can also seek economics assignment help services if they are unsure of the concepts involved in the assignments. They will get used to the concepts through these assignments and projects given by their teachers.

Likewise the scope is wide one can specialize in any of different branches and there is always a wide scope for the economists. This job needs little creativity and the mentality to analyze the situation and decide accordingly. Economists determine the value of the industry and he is the ultimate reason for the growth of the company’s value.