Economics Classes

• June 10, 2022
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The definition of economics is the study of how goods and services are produced, distributed, and consumed. In short, economics is the study of supply and demand. It is the theory of how markets work and wealth is distributed including how scarce resources are allocated. Economics is not just how the stock market is doing. Rather, economics refers to how people, businesses and countries choose to spend their money. This can be viewed in both a macroeconomics and microeconomics sense. Macroeconomics refers to the study of the overall economy from a wide point of view, for example, how an industry is doing, a country’s gross domestic product output, gas prices, national debt and more. Microeconomics refers to economics on a smaller scale, such as how a family decides to spend its money or how a business establishes prices. The economic theory seeks to explain the production and consumption of goods. Economics is widely studied around the world as researchers seek to better understand the impact of certain policies on the economy. For example, this can include studying the effect of gas prices going up, the effect of people incurring larger debt, the effect of government health-care programs, and more. One of the most famous economic theories is a Keynesian economic theory named after John Keynes who suggested that government monetary and fiscal policy could stimulate business and increase employment.

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