May 5, 2019 · In short, economics is the study of how people and groups of people use their resources. Money certainly is one of those resources, but other things can play a role in economics as well. In an attempt to clarify all this, let's take a look at the basics of economics and why you might consider studying this complex field. The Field of Economics
- Jodi Beggs
- Economics Expert
- the focus of economics. There are two major studies in economics. They are the macroeconomics and microeconomics.
- the focus of Macroeconomics. Can you guess the focus of macroeconomics? It focuses on the entire economy. There will be many issues discussed in macroeconomics such as investments, production and saving.
- Microeconomics. If you want to talk about the basic elements of economy, you need to think about microeconomics. It focuses on the sellers, buyers, firms, and households.
- the differences of economics. Economics is divided in a number of forms where you can create distinction. You can compare between the behavioral and rational economics, applied economics and economic theory, normative economics and positive economics, and heterodox economics and mainstream economics.
- Microeconomics vs Macroeconomics. Macroeconomics is the study of the economy as a whole. It focuses on aggregate numbers and data for entire countries.
- Opportunity Costs. People constantly face trade-offs. They have to make choices due to scarce resources. As a result, they can’t get everything they want, so they have to pick certain things over others.
- Supply and Demand. The price of a good or service is determined by its supply and demand. In most cases an increase in demand results in an increase in price, given that all other factors remain unchanged.
- Comparative Advantage. If an economic actor has the ability to produce a good or service at lower opportunity costs than another actor, they are said to have a comparative advantage.
Mar 3, 2013 · 15. "97% of the world's population now lives in countries where the fertility rate is falling," writes author Jonathan Last. 16. The U.K. economy is 3.3% smaller than it was in 2008. The U.S. economy is 2.9% larger (both adjusted for inflation). 17. In 1980, there were 15,099 Americans aged 100 years or more.
Jun 17, 2022 · Here are some fun facts about economics that might just surprise you. 1. Size matters! Economy sizes vary massively all over the world. Currently, it is the US that has the world’s largest economy, followed by China, Japan, and Germany. At the other end of the scale, Burundi has the world’s smallest economy.
Feb 7, 2020 · Among the top 5% of households – those with incomes of at least $248,729 in 2018 – their share of all U.S. income rose from 16% in 1968 to 23% in 2018. Income inequality in the U.S. is the highest of all the G7 nations, according to data from the Organization for Economic Cooperation and Development.
Mar 10, 2020 · Fact 1: U.S. per capita health-care spending nearly quadrupled from 1980 to 2018. Spending on U.S. health care has grown steadily, rising from $2,900 per person in 1980 to $11,200 per person in...