What is economics?

Economics is a study or an analysis of production, distribution, and consumption of goods and service It is also a study of how people choose to use resources. Resources include the time and talent people have available, the land, buildings, equipment, and other tools on hand, and the knowledge of how to combine them to create useful products and services. In short, economics includes the study of labour, land, and investments, of money, income, and production, and of taxes and government expenditures. Economists seek to measure well-being, to learn how well-being may increase over time, and to evaluate the well-being of the rich and the poor. The most famous book in economics is the Inquiry into the Nature and Causes of The Wealth of Nations written by Adam Smith, and published in 1776 in Scotland. Job opportunities Chartered accountant-Chartered accountants provide trustworthy information about financial records. This might involve them in financial reporting, taxation, auditing, forensic accounting, corporate finance, business recovery and insolvency, or accounting systems and processes. Generally, they play a strategic role by providing professional advice, aiming to maximise profitability on behalf of their client or employer. They work in many different settings including public practice firms, industry and commerce, as well as in the not-forprofit and public sectors. Chartered certified accountant-Chartered certified accountants undertake a large variety of accountancy services and are responsible for developing and maintaining financial and accounting systems, financial forecasting, auditing financial records and investigating financial anomalies. They produce reports and budget plans, and contribute to business strategy. Economist-Economists provide specialist advice based on the application of economic theory and knowledge. They do this by studying data and statistics and using their understanding of economic relationships to uncover trends, carrying out considerable amounts of research and collecting large amounts of information. They then analyse all the data they have amassed to assess feasibility, produce forecasts of economic trends, determine the implications of their findings and make recommendations of ways to improve efficiency. Economists use specialist software and advanced methods in statistical analysis to assemble, sift and present this information, which is then used to advise businesses and other organisations, including government agencies.

Supply and demand Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. Price, therefore, is a reflection of supply and demand.

Growth Growth economics studies factors that explain economic growth the increase in output per capita of a country over a long period of time. The same factors are used to explain differences in the level of output per capita between countries, in particular why some countries grow faster than others, and whether countries converge at the same rates of growth. Much-studied factors include the rate of investment, population growth, and technological change. These are represented in theoretical and empirical forms (as in the neoclassical and endogenous growth models) and in growth accounting.