Useful Options For the Economics World

Useful Options For the Economics World

In a globalized world characterized by extraordinary changes, it is only natural that many questions arise for us. The rapid technological progress of the last decades in different fields contributes to the development of the countries but it shapes our life. The world is becoming more complex and trade relations are intensifying. Technological progress offers us opportunities but challenges us. The frenzied use of resources is putting us increasingly in the face of the most difficult economic problem: scarcity. 

This imposes on us the challenge of the choices to make in terms of production and consumption. While the global economy is growing, this is accompanied by serious problems such as global warming, the depletion of natural resources, the disappearance of species, etc. Our life and its way depend largely on the challenges and opportunities offered to us. To meet these challenges and take advantage of these opportunities, we must understand the ins and outs of the forces and powers involved.  After your ba economics degree you will be able to see the whole thing in a whole new perspective.

  • Globalization means, in economics, the internationalization of trade, financial flows materialized by loans, borrowings and international investments.  

The Achievements

To achieve this, economics is one answer among many. The study of economics is interesting in many ways. It helps us to answer the questions raised by the world in which we live, to confront the challenges to find solutions and to take advantage of the opportunities offered to us while being rational. To give you a taste of the study of economics, here are two examples. They give us a few flashes on the most sophisticated notions of economics.  

Imagine that you are in a weekly market place. This one is held every week on Saturday. The merchants of the place are busy since the morning to install the stands and displays to expose their products: fruits, vegetables, cheeses, fish, meat, flowers, clothes, shoes, books, furniture, etc.  

  • From hour to hour the place comes alive and the market is filled. Some buyers (consumers) choose the products to buy; others push carts filled with various articles; some negotiate the prices of certain goods with the sellers. And business is working. Towards the end of the morning, the displays are gradually emptying, but there are still things to buy; the place is empty except for some people. What we can observe is that prices tend to fall towards the end of the market: sellers (sellers) want to sell as much goods as possible in order to limit costs and renew their stocks.  

The Right Aituation

This situation is a miniature model of what the economy is on a larger scale. The foundations of economics are put into effect in this marketplace. They are applied even unconsciously by the different actors (buyers and sellers). We can cite as an example: the law of supply and demand, the needs and their satisfaction, the currency, the problem of scarcity, the balance of the market, the price policy, the negotiation, the competition between sellers and buyers, the monopoly of certain products, etc. These different economic concepts will be defined later.  

 

Kate Lee

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