Fundamentals of Economics or Importance of of economics-
Humans have unlimited wants, but means to satisfy those wants are limited. Economics is concerned with the study of the efficient allocation of the scarce resources to achieve maximum utility for human material wants. The fundamentals of economics are:-
Scarcity and choice- scarcity requires the choices to be made because resources can be used only one time for a purpose.
Opportunity cost- opportunity cost is the next best alternative forgone while making a certain choice.
Profit seeking behavior- every individual makes a cost benefit analysis to maximize their gain. The profit may not be necessarily in monetary terms it can be in terms of utility and satisfaction
Rational behavior- it is assumed that individual will behave rationally and they want more of everything. For example- given two bundles of good one having 10 apples and other having 20 apples, a rational consumer will always prefer the second bundle.
Factors of production- there are four factors of production which are used to produce anything and get paid from the revenue. Land gets rent, labor gets wages, capital gets interest and entrepreneur gets profit.
Economic models- economic models used by the economist are to explain the world around us. They create a better understanding of the reality through equations and diagrams.
Difficulties faced by a student while solving fundamentals of economic problem-
The difficulties faced by the students while solving fundamentals of economic problem is to understand the concept of scarcity and choices. What derive an individual to make those choices with scarce resources? For example- the income of a person is scarce resource it has limited use, therefore when an individual gets salary he/she first pays for his/her basic needs like house, food and clothing after that an individual can think about a vacation or throwing a party. Another difficulty is the problem of calculating opportunity cost because opportunity cost is the next best alternative forgone which can be different for different individuals. For example- if someone had $10 and he/she bought a burger with that the next best alternative for that person could be having a cold drink but for a different person it could be having a pizza. These changes makes it difficult to calculate the opportunity cost, therefore opportunity cost is a microeconomics problem every economist study the behavior of a single individual.
Few important tips to solve problems of fundamentals of economics-
The key to solving economic problems is not to memorize the definitions and write it in the exam it is the understanding of the subject and what it really wants to explain. As it is earlier defined economics increase our understanding of the reality with the help of the equations, models and diagrams. For example- law demand states that as prices increase demand for a good decrease or we can say price and the quantity demanded have a negative relationship which is true. Therefore the key to solving economic problem is to put yourself in the same situation and think what a rational consumer or you would do. Economics will become far easier subject if the students try to compare those concepts with the world around us because in most of the cases these models will hold true.
Another important tip for solving economic problems is to deal with micro and macro economics as to different branches of the economics because both the subject has different definition and models to solve problems. Therefore studying both the branches as two different subjects can help students a lot more to solve all those problems, because one of them is dealing with the problem at a unit level and the other at the aggregate level. Thus, learning about their assumption differently can help a lot to the students.
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