The Study of Economics - 3028 Words

GROUP 3 ECONOMICS Standard and Higher Level INTRODUCTION The study of economics from an individual, a firm, a business, governmental and international perspectives are being increasingly important today. In the world of continuing globalization and technological developments, decisions made today by an individual or society can have a multiplier effects on other businesses and countries. Therefore, there is a need for an understanding of human experience and behaviour made in the economic environment and their effects on the physical, political, environmental and social sectors. NATURE OF THE SUBJECT Economics is a dynamic social science, forming part of the study of individuals and societies. The study of economics is essentially about†¦show more content†¦Students are encouraged to consider what markets and governments can and cannot do. This section of the syllabus gives them an early opportunity to begin to explain economic phenomena through the use of diagrams, data analysis and the eval uation of economic material. This section is intended to make students aware of the role of economics in real-world situations. Even at this initial stage teachers and students should consider the application of economic theories to developing countries, since developmentShow MoreRelatedA Study On Economic Growth877 Words   |  4 Pagesstart thinking about economic growth, it is hard to think about anything else.† (On the Mechanics of Economic Development) This is a subject that has been studied by many economists over the years. Economic growth is important to understand because it relates to how people will live along with how society will succeed in the future. â€Å"Without economic growth, higher income levels and living standards cannot be achieved.† (Macroeconomics) What is economic growth? Economic growth is the increaseRead MoreA Study Of Oxford Economics1152 Words   |  5 PagesA latest study of Oxford Economics showed that aviation’s contribution to the global economy sustains 57 million jobs and some $2.2 trillion in economic activity. They have predicted that this growth will increase 5% annually. [1] IATA AMC April 2013. A cost breakdown as given in the same Summary is as follows: Cost Breakdown ï‚ § Aircraft maintenance: Labor, materials, maintenance outsourcing. ï‚ § Operational costs: Crew, ground and station staff and general administration. ï‚ § Aircraft rentals. ï‚ § MarketingRead MoreA Study On Economic Growth1313 Words   |  6 PagesThe study of economic growth focuses on the long-run trend in aggregate output as measured by potential Gross Domestic Product (GDP). Increasing the growth rate of potential GDP is key to raising the level of income, the level of profits, and the living standard of the population. Economic growth is a sustained expansion of production possibilities measured as the increase in real GDP over a given period. Rapid economic growth maintained over a number of years can transform a poor nation into aRead MoreSocio-Economic Study1866 Words   |  8 PagesSOCIO ECONOMIC STUDY -serves as an aid in determining the socio economic contributions the project/business can offer. -attempt to determine economic impacts on society or GNP. - Based on the fact that the enterprise is an organ of society and that its actions have a decisive impact on the social scene. -Any business, in the present world situation, has the responsibility to make its best contribution to the defensive strength of its country. -the business must consider its impact upon society. ItRead MoreA Reflection on the Study of Economics470 Words   |  2 Pagesmost compelling topics that I learned in this topic only came into focus at the end of the course. Economics is a very large and complex study and reflecting on this subject, piece by piece, requires some patience and ability to put the pieces together. The relationships between simple choices, such as supply and demand, drives all economic and commercial exchange but only through the lens of economic models that attempt to layout this system by combing mathematical principles and psycho-social evaluationRead MoreA Study of Keynesian Economics1073 Words   |  4 Pagesreturn on investment (namely, on his savings) is bigger than if the interest rates are lower. With this in mind, the individual will spend more, purchase more products and services, invest perhaps in businesses etc. All these actions will induce the economic actors to match the increasing aggregate demand on the market with a higher aggregate supply. Companies and production outlets will have an additional incentive to produce and sell more on the market, since the market is more active in purchasingRead MoreEconomic Costs: A Study650 Words   |  3 Pages1. Economic costs are those associated with economic activity. These costs are those that the company incurs in the production of a good or service. They can be described in a number of different ways, including fixed costs, variable costs, direct costs and indirect costs. Fixed and variable costs are both part of total costs, which often comes into play when firms set prices, for example. Another economic cost is the marginal cost, which is the addition unit produced for each additional investmentRead MoreNeed For A Socio Economic Study1705 Words   |  7 PagesIII. NEED FOR A SOCIO-ECONOMIC STUDY Any pragmatic strategy to prepare developmental plans for the slum area would require in-depth analysis of at least three broad issues: ïÆ'Ëœ Issues related to the migrants namely the social problems of slum population, their background, reasons of migration, duration of migration, their transition from slum to other areas, mechanism of coping with the slum problems. ïÆ'Ëœ Issues related to willingness to pay for better living conditions and expectations from the governmentRead MoreCase Study Of Managerial Economics1115 Words   |  5 PagesGlobal Issue – Economics Fundamentals Introduction In 2008, Lehman Brothers was ranked 37 on the Forbes 500 list. It recorded phenomenal growth between 1999 and 2007 and by 2008 had revenues of more than $59 billion. During the United States housing boom era, the company invested heavily in mortgage-backed securities and real estate. By 2007, the company’s leverage ratio was averaging 31-to-1, meaning it borrowed $31 for every $1 in equity. This resulted in massive profits in the boom era but becameRead MoreEconomic Studies And Political Science1595 Words   |  7 Pages Name : Abdelmonem Lotfy Mohamed Kamal Position: Assistant Professor of Economics and Public Finance : Faculty of Economic Studies and Political Science : Beni Suef University : Egypt E-mail : alotfy@eps.bsu.edu.eg Mailing Address: (9/8) Alshatr (2) Mashroo Iskan Sherket Almaadi, Zahraa Almaadi, Cairo, Egypt â€Å"Testing the Relation between Government Spending and Private Consumption in Egypt† Introduction: During the period