I n b rief
P.3
An Introduction to Economics
the science of choice
T
Arman Uddin
he first lesson of
‘
economics is scarcity;
there is never enough
of anything to fully satisfy
all those who want it. The
first lesson of politics is to
disregard the first lesson of
economics.’ These are the
words of Thomas Sowell,
an internationally
renowned economist,
however is there
more to economics
than attempting to
satisfy the perpetual
and insatiable needs of
humanity?
comment on the crucial need
for a basic knowledge of
economics to fundamentally
understand policy-making,
business conduct and
economic changes occurring
everyday. Graduates of
the subject develop a
plethora of skills that
are so very crucial
nowadays, most notably
analytical, evaluation
skills as well as the ability
to logically overcome
problems.
Not only is this
knowledge useful at
a personal level, but more
example of this would be to
The first step in studying
At grass-roots level,
importantly opens up a vast
examine the consequence
economics is to be able
economics is simply
and diverse number of career
of the price of raw materials
to mark the distinction
the study of allocating
options, such as a career in
rapidly increasing. A domino
between Macroeconomics
finite resources as to
the civil service, teaching,
effect would ensue which
and Microeconomics, two
requite the needs of the
human rights, management
would inevitably affect those
of the core foundations
population. However, there
consultancy, banking and
at the end of the scale, the
that underpin the entire
is considerably more to
journalism to name a few.
people, as production prices
economic system, as well
this social science than a
Investment banking and
would rise.
mere definition. Economics as understanding how they
other economics-based
intertwine daily. Macro,
transcends the whole of
jobs consistently top the
So does economics, despite
from the Greek word
the human population,
highest starting salaries of
all its unpredictability
Makros meaning ‘large,’
encompassing everything
any jobs at approximately
and capriciousness,
does exactly that, studying
from a rudimentary
£42,000 six months after
bear any significance, in
the overall behaviour of a
marketplace to international
graduation, furthermore
national economy, as well as the ever-changing 21st
multi-billion pound deals
economics as a whole ranks
industries, export levels, GDP, century world? In short,
that have the power to
considerable inside the top
yes. Looking at statistics,
income. To put it simply, all
change entire economies
ten for the highest yearly
it becomes immediately
things on a large scale.
and shape the lives of the
average salary by course,
obvious that there has
millions of people living
at approximately £26,000
been an exponential rise
As a logical progression,
beneath the financial
pounds. On top of this, an
in the number of people
‘sphere.’ The simplicity of the one would assume
economics degree allows for
studying an economicsmicroeconomics to be the
aforementioned definition
work in the economic and
based degree, with
opposite, dealing with
is juxtaposed to the
social sector of the UN. On
individual or small business economics graduates being a final note, one thing that
difficulties of maintaining
some of the most sought
consumption of goods,
this fine balance between
will always be guaranteed
after. The sheer breadth
taxes and governmentconsumption and demand.
in a seemingly nonthroughout economics is
enforced regulations, all
Looking at how markets
guarantee-able subject is
seen by many as hugely
things on a small scale.
allocate resources, there
the constant and continued
enticing-both an art and
However, a crucial mistake
are clear issues regarding
need for knowledge, to
a science, Economics is a
would be to assume that
efficiency. Economics aims
push the boundaries further
subject that bridges the gap
micro-economics entails
to understand economic
and explore previously
between mathematicallythe opposite, these two
policies, not only on a
unfathomable possibilities.
based subjects and essay
national scale but also on a branches certainly overlap.
That and it’s compelling
A very elementary practical subjects. Employers often
global scale. )