People sometimes heard that economics is study of money, or its another way of accounting, or its kind of business, but none of these can be best explain what is economics literaly. From the video, "economics is the study of the use of scarce resources that have alternative uses."
The picture above best show what is economics. people-resources-desires. People need resources to fill their desires. The resources are limit, but people's desires are infinite. Therefore, people need to make choices how to use the scare of resources. Economics study these choices.
There are two kind of categories of economics, positive and normative. Positive economics have no judgement of value and normative economics have value judgements.
As we know that economics are divided into two categories, microeconomics and macroeconomics. From the video, microeconomics is the studies individual agents and markets; while macroeconomics is studies entire economy.
Economics is a broad study that not only study markets, but also study crime, war, family, religion, culture, politics, law, and even genetics. People use economics everywhere not only the business, government, but also publics, and every where we live. It's part of our life.
I learned lots of things from the video, it teaches me something that I didn't know before such as the word Econometrics. It is specialized and analysize the data. Thus, it's not one's experience, but come from the real world with the truth. There are lots of mathematic uses in the Econometrics field. Personally, I think I am going to see and learn this word, Econometrics, millions of time in the future because I am studying Economics and I am going to be an Economist one day.
Work Cited
Petersen, Garrett, prod. What is Economics? Youtube. Youtube, 14 July, 2012. Web. 10.05.2013.
video link: http://www.youtube.com/watch?v=2YULdjmg3o0
really good videos. I have saw one of them before on Facebook. Is this all the Videos that you have about the econmic and life?
回复删除Hi! I thought this post was very interesting. Coming from someone who is not a fan of economics, I thought the way he broke this down was very helpful and easy to follow. I learned a lot from this! Thanks!!
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