Christopher Ian M.

Demillo

1. What is Economics?
Economics is the study of the production and consumption of goods and the
transfer of wealth to produce and obtain those goods. Economics explains how
people interact within markets to get what they want or accomplish certain goals.
Since economics is a driving force of human interaction, studying it often reveals
why people and governments behave in particular ways.
There are two main types of economics: macroeconomics and
microeconomics.Microeconomics focuses on the actions of individuals and
industries, like the dynamics between buyers and sellers, borrowers and lenders.
Macroeconomics, on the other hand, takes a much broader view by analyzing the
economic activity of an entire country or the international marketplace.
2. Why do we need to study economics?
Economics helps individuals and businesses to make informed decisions in
different fields, including finance, governance, law, administration, finance among
others. Typically, all people in the society are affected by economics in one way or
another. It is not only important in education but also in making critical analysis in
different situations.

3. For you why do we need study economics?

For me, economics is about the world around us; its current; its always
changing; its always interesting. Its the subject that allows you study Tescos and
ASDAs methods of competition one day, and learn about the environment and
pollution permits the next. Its about the modern world; its about how we behave,
how businesses behave and how the government behaves.
Economics teaches how to make well-informed decisions. A large part of the
subject is decision making: what should the government do to cut the budget
deficit; what should a business do to raise profit margins. It teaches us how to go
about making choices, which is vitally important in business.