Major expenses in building are for land, materials, and labour. In each case they are high when the commodity is scarce and low when it is abundant, and they influence planning more directly when they become restrictive.
For this reason, the concepts of efficiency and productivity are held paramount by economists. Increased productivity and a more efficient use of resources, they argue, could lead to a higher standard of living. Despite this view, economics has been pejoratively known as the "dismal science," a term coined by by Scottish historian Thomas Carlyle in He may have written it to describe the gloomy predictions by Thomas Robert Malthus that population growth would always outstrip the food supply, though some sources suggest Carlyle was actually targeting economist John Stuart Mill and his liberal views on race and social equality.
Types of Economics Economics study is generally broken down into two categories. Microeconomics focuses on how individual Econo mics and producers make their decisions. This includes a single person, a household, a business or a governmental organization.
Microeconomics ranges from how these individuals trade with one another to how prices are affected by the supply and demand of goods. Also studied are the efficiency and costs associated with producing goods and services, Econo mics labor is divided and allocated, uncertainty, riskand strategic game theory.
Macroeconomics studies the overall economy. This can include a distinct geographical region, a country, a continent or even the whole world. Topics studied include government fiscal and monetary policy, unemployment rates, growth as reflected by changes in the Gross Domestic Product GDP and business cycles that result in expansion, booms, recessions and depressions.
There are also schools of economic thought. Two of the most common are C lassical and Keynesian. Since true experiments cannot be created in economics, empirical economists rely on simplifying assumptions and retroactive data analysis.
However, some economists argue economics is not well suited to empirical testing, and that such methods often generate incorrect or inconsistent answers. The Economics of Labor and Trade The building blocks of economics are the studies of labor and trade.
Since there are many possible applications of human labor and many different ways to acquire resources, it is difficult to determine which methods yield the best results in equilibrium.
Economics demonstrates, for example, that it is more efficient for individuals or companies to specialize in specific types of labor and then trade for their other needs or wants, rather than trying to produce everything they need or want on their own.
It also demonstrates trade is most efficient when coordinated through a medium of exchangeor money. But of course, human behavior can be unpredictable or inconsistent, and based on personal, subjective values another reason why economic theories often are not well suited to empirical testing.
As it is, economic laws tend to be very general, and formulated by studying human incentives: Economics can say profits incentivize new competitors to enter a market, for example, or that taxes disincentivize spending.
Economic Indicators Economic indicators are reports that detail a country's economic performance in a specific area.
These reports are usually published periodically by governmental agencies or private organizations, and they often have a considerable effect on stockfixed incomeand forex markets when they are released. Below are some of the major U.
Many investors, analysts and traders don't actually focus on the final annual GDP report, but rather on the two reports issued a few months before: This is because the final GDP figure is frequently considered a lagging indicatormeaning it can confirm a trend but it can't predict a trend.
In comparison to the stock market, the GDP report is somewhat similar to the income statement a public company reports at year-end.
The report estimates the total merchandise sold by taking sample data from retailers across the country. This figure serves as a proxy of consumer spending levels.People are Leyte’s foremost resource with utmost potentials to alleviate poverty and develop resilie.
An Economics major is a versatile degree that prepares students for careers in the business world as well as graduate study. The exposure to economic analysis (theoretical and empirical) makes Economics majors attractive to many job recruiters and graduate schools.
Business News- Read Latest Financial news, Stock/Share Market News, Economy News, Business News on The Economic Times.
Find IPO Analysis, Mutual Funds Trends & Analysis, Gold Rate, Real Estate & more. pated. But market-based childcare is less able to meet irregular or unanticipated childcare needs. Hence, the proximity of a grand- mother who .
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Get free indicators, Historical Data, Charts, News and Forecasts for countries. Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years.
Economics ranges from the very small to the very large. The study of individual decisions is called microeconomics.