Question

Please write 600 to 800 words to answer the following questions:

What is Economics?

Why Study Economics?

What can be achieved by studying Economics?

What is Economist?

Summarize the benefits of studing Economics.

Answer 1

Economics is a social science concerned with goods and services being generated, distributed and consumed. It explores how individuals, corporations, states, and nations make choices about allocating resources to meet their needs and wants, and seeks to decide how these entities can align and coordinate efforts to achieve maximum output. Economics can usually be divided into macroeconomics, focusing on aggregate economy activity, and microeconomics, focusing on individual consumers and businesses.

It is difficult to study economics, but it is easy to understand. Top 3 economics research reasons: you'll understand the forces that drive the world around you.
You will be able to assess companies immediately. Once you know how economics works for you, you will be able to save for your own retirement and protect your own future.

Whether it's your workplace or home, economics can be seen everywhere. Economic data is required for each decision, for example, each organization analyzes economic facts such as demand, product prices, and this data lets them make better decisions. You should have deep knowledge of economics in the future when you start your own business as this will help you make it more profitable and meet more and more customers.

Economists are well qualified to advise the president and congress on economic issues, devise strategies at the Federal Reserve Bank, and evaluate economic conditions for investment banks, brokerage houses, real estate companies, and other businesses in the private sector. We also contribute to many other public policies, including health care, healthcare, and school reform, as well as efforts to reduce poverty, pollution, and crime. Economics research can also provide valuable knowledge in day-to-day decision making. This provides a forum to address questions about the desirability of a specific opportunity for financial investment, whether or not to attend college or graduate school, the benefits and costs of alternative professions, and the possible impacts of public policies like universal health care and higher minimum wage.

The complementary econometrics analysis, the main quantitative approach used in the discipline, allows students to become active consumers of statistically based arguments about various public and private problems instead of passive recipients unable to sift through the statistics. These information helps us to question whether the proof of a specific policy's desirability, medical procedure, assumptions about the likely future trajectory of the economy, or many other things is really convincing, or whether it only sounds good but falls apart after closer inspection.

An economist is an expert who studies the relationship between the resources of a society and its performance or development. Studied societies may vary from the smallest of local communities to a country or even the global economy as a whole. An economist's expert opinions and research findings are used to help shape a wide range of policies, including interest rates, tax laws, job programs, international trade agreements, and business strategies.

Economics research allows people to understand the world around them. This helps people to understand individuals, industries, economies, and governments, and thus better respond to the challenges and opportunities that occur as things change. Majors in economics are well placed in an ever-changing world because they have problem-solving and analytical skills that allow them to excel in a variety of career paths— law, risk management, actuary, finance, foreign affairs, public administration, politics, health management, entrepreneurship, market analysis, journalism, and unknown careers of the future.