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Economics mostly concerns with the creation, consumption and transfer of wealth. When you are dealing with the economics subject, you will require dealing with some of the key concepts like supply & demand, scarcity, trade-off and opportunity cost, incentives, factors of production, incentives, marginal analysis, production possibilities, international trade and circular flow. This is a branch of social science studies that studies the scarce resources of the world and people tend to make choices for getting what they desire.
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Economics is a diverse field that is a combination of politics, history, sociology and psychology. It mostly concerns with behaviours and relationships of societies and people that are applied to the real world. This study is used for analysing the interactions and activities between marketers, people, governments and businesses. Let’s have a look at each of the branches associated with economics subject:
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1. Supply and demand
2. Elasticity of demand and supply
3. Market structures (perfect competition, monopolistic competition, oligopoly, monopoly)
4. Production and cost functions (total, average, and marginal cost, economies of scale)
5. Market failure and externalities
6. International trade and globalization
7. Exchange rates and currency exchange
8. Inflation and monetary policy
9. Fiscal policy and government budget deficits
10. Income distribution and poverty
11. Consumer behavior and utility maximization
12. Behavioral economics
13. Public goods and common resources
14. Environmental economics
15. Health economics
16. Education economics
17. Housing economics
18. Energy economics
19. Transportation economics
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