Fundamentals of Economics & How it Relate to Us

Fundamentals of Economics & How it Relate to Us

Consciously or unconsciously you carry everyone carries out an activity that influences the economy of the nation. The economy is nothing without people. The people's actions and inactions are key factors to what plays out in the economy. As such, understanding the basics of economics is essential for everyone. It will help us to engage in economic activities with a greater level of intelligence.

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What Exactly is Economics

Economics has various definitions. However, the central idea of all its definitions revolves
around people, needs, demand and supply.
The most used popular definition however is that of Lionel Robbins (1932). He defined economics as a science that studies human behaviour as a relationship between end and scarce means which have alternative uses. Economics is called a science because it studies human behaviour, carries out analysis based on the study, and formulate a theory afterwards. Economics can be categorized into micro and macro.

What is the Role of People in economics?

People are the main actors in economics as they play a vital role. Economics is generally about the activity of people in creating values and wealth. It is also the study of humans in the everyday business of life. It is therefore safe to say economics can’t be properly defined without first understanding human activities.
Both microeconomics and macroeconomics feature the activities of humans. Economics is
about human psychology. As a result, economic theories are subjected to changes as human
thoughts change.

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Basic Economics Concepts Everyone Should Know
Understanding some basic concepts of economics helps you make rational decisions. These concepts are part of our day-to-day activities. Most folks do not pay adequate attention to
those concepts. Some of the concepts are explained as follows;

● Want
Want can be defined as everything a man desires. Human wants can’t be completely
satisfied. At every point of a man's life, there will certainly be a desire for a thing. It is one of
the focal points of economics. So, the smart thing is don’t spend on impulse based on your want. Most especially if you are just building your financial portfolio. Someone once said, when you are extremely rich you are permitted to be a dumbass. You can always pay your
way out.

● Needs
The needs of a man are different from his wants. While want is a desire either necessary or unnecessary, needs are necessities. The basic needs of every man include food, clothing, and shelter.

● Scarcity
Needs/wants are meet are satisfied through resources. However, these resources not always abundantly available hence scarcity. Scarcity basically means when supply is lower than demand. Scarcity drive price of commodities or service. Scarcity can be natural or intentionally created. I believe we know why it can be intentionally created.

● Demand and Supply
They are the key factors that drive the market and determine product price. Demand is defined as the number of goods a consumer is willing to buy at a particular price. It is determined by many factors which include price, taste, income, and seasons. In
some cases, it is the demand that determines the price.
Supply can simply be said to be the response to demand. It is the quantity of goods a seller is ready to give to a buyer at a particular price. Supply is generally influenced by price,
demand, competition, and factors of production.
Drop us a comment and let us know what you think!

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Comments

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want is a desire either necessary or unnecessary, needs are necessities.
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nene 02 Apr '21
Wants, Needs!! Very insightful.
goddey 02 Apr '21
Essential education
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the basic concept of economics well explained... Kudos
adebayo 02 Apr '21
only if our leaders could really understand this concept,am sure we would be in a better economic situation by now. Kudos
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Humans desire are enormous but the means to satisfy them are limited hmm.
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samsono 02 Apr '21
This is a cool article. Perhaps the economics of the earth is hinged on the activities of men in it's cosmos
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