You know the word “economics”. Many people think it is all about money. But economics is not just about money but about weighing different alternatives. Some of those great choices involve money, but most do not. Most of your daily, monthly, or life choices have nothing to do with money, yet they are still the subject of economics.
Economics is a study of humanity in the usual business of life. It examines that part of individual and social action which closely connected with the attainment of the material requisites of wellbeing.
Thus, on the one side, it is a study of wealth; and on the other side, it is a part of the study of man.
It is essential to know these terms, not just for a clear understanding of it but also for a correct understanding of the language used in books on Economics. The terms used in Economics are also there in ordinary speech. But, Economics use them in a sense different from that used in ordinary speech.
Goods- means the commodities we use, and services refer to work that person may do. Goods are always concrete, material and tangible. But anything that can satisfy a human want is ‘GOODS’.
Utility - We have seen that goods satisfy human wants. This want-satisfying quality is Goods, is called utility. Therefore, utility means the power to satisfy a human want.
Value- in Economics, the term ‘value’ is not used in its original sense, that is, in the sense of value-in-use. Usually, people use the term ‘utility’, and economists use this term ‘value’ in the sense of value-in-exchange, goods that obtained in exchange for it.
Price- Value is not the same thing as price. The value expressed in terms of money, it is called price. There can be a general rise in prices, but there cannot be a general rise in values.
Wealth- by ‘Wealth’ people means money. But in Economics, money is not the only form of wealth; anything which has value is called wealth in Economics.
Income, savings and investment- Real income consists of goods and service, part of it saved for later consumption is saving, and investment thus includes additions to inventories as well as to fixed capital.
Equilibrium- indicates an ideal condition or when a complete adjustment made to change in an economic situation.
Economics delivers a better understanding of the economic and public policy environment in which virtually every profession pursued. Therefore, economics courses should be an integral part of any undergraduate course of study.
All students can take benefit from economics and therefore get encouraged to take advantage of the full range of course offerings accessible within the department.
Finally, economics courses offer students the opportunity to develop the analytical and quantitative skills that virtually all employer’s value.
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