Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Modern Society
ANKITA BISWAS
ROLL NO. 246
DEPARTMENT OF ECONOMICS
BETHUNE COLLEGE
Introduction health care, welfare, and school reform
and efforts to reduce inequality, pollution
and crime.
“Economics is a study of mankind in the
ordinary business of life.” So wrote Alfred
Marshall, the great 19th-century Some important points
economist, in his textbook, Principles of
Economics. “Economics is a study of
about Economics
mankind in the ordinary business of life.”
Economics provides a mechanism for
So wrote Alfred Marshall, the great 19th-
looking at possible consequences as
century economist, in his textbook, we run short of raw materials such as
Principles of Economics. Also with the gas and oil.
modernisation and globalisation of the A critical divide in economics is the
society, the relevance of economics is extent to which the government
increasing every day. should intervene in the economy. For
example – should the government
provide health care free at the point of
What is Economics use or is it more efficient to encourage
private health care.
The free market leads to countless
The word ‘Economy’ comes from the
examples of market failure. I feel one
Greek work ‘Oikonomos’ which means one of the best uses of economics is to
who manages a household. Economics is provide solutions to overcoming
concerned with the optimal distribution of market failure.
resources in society. The subject involves, One of the principal jobs for
understanding what happens in markets economists is to understand what is
and the macro-economy, examining happening in the economy and
investigate reasons for poverty,
statistics about the state of economy and
unemployment and low economic
explaining their significance, growth.
understanding different policy options and Economic forecasts are more difficult
evaluating their likely outcomes. than understanding the current
Economics is the important you get to situation. However, although forecasts
know how societies, governments, are not always reliable, they can help
businesses, households, and individuals give decision makers an idea of
possible outcomes.
allocate their scarce resources. The
Economics is not a definitive science
economics can also provide valuable like Maths. Because of many unknown
knowledge for making decisions in everyday variables, it is impossible to be
life. definitive about outcomes, but a good
economist will be aware the result
depends on different variables, and
Economists are well known for advising there are different potential outcomes.
the president and Political parties on This should help avoid an overly
economic issues, formulating policies at ideological approach.
the Reserve Bank, and analyzing economic Modern economists have examined
economic forces behind everyday
conditions for investment banks,
social issues
brokerage houses, real estate companies,
and other private sector businesses. They
also contribute to the development of
many other public policies including
Relevence of economics in the questions are developed by humans.
It is not any physics or chemistry, its about
in Modern society psychology of human beings. And when this
psychology meets up with the things
around you: the money, people, goods,
Economics is the important you get to services, profits, technology, etc., then there
know how societies, governments, is the emergence of the study of Economics.
businesses, households, and individuals Its just a social science of studying people
allocate their scarce resources. The that how would they react and what should
economics can also provide valuable economists do to control that reaction. But
the twist comes here when we look the
knowledge for making decisions in
patterns in the human behaviour and adjust
everyday life. the lens of mathematics to predict future
and make lives.
Let us look at some questions:
Economics is important because its all
Why the financial crises of 2008 in around us: the stuffs we eat, the income we
USA affected the whole world? get, the teachers who teach us, the mobile
phones and computers we use, the land
Why people were unemployed where you are staying in, the language we
during Great Depression of 1929, are reading in, everything.
and what’s depression, BTW?
Well, these kinds of questions are having In business, economists can provide key
some crispy answers but what makes them insights into how to make a product or
related and similar is that- all the problems service appeal more to customers by de-
constructing their incentives and desires. policy areas. Outside of government,
The deep insights into customer behaviour, economic principles help guide the
business strategy and volatile markets that business decisions and actions that
economics provides can help companies help foster a prosperous society.
make intelligent decisions to promote
greater business growth and success.
Conclusion:
For society, economics provides a
scientific approach to analyzing and
understanding government decisions
for ensuring stable economic growth
with low inflation and the highest
possible level of employment.
Economic methods also provide the
tools by which policy analysts study
the possible costs, benefits and effects
of government policies in a range of
areas, from national security to health
care and education. Presidents appoint
economists to advise them on national
economic policy, as well as other