Many people have tried to defined the “word economics” for example Karl Marx said that economics what most important in the labour theory of value and what he considers to be theexploitation of labour by capital. Then came the neoclassical economics saying economics mostly is determined by the supply and demand as joints determinants of price and quantity in the marketequilibrium. Time has given various definitions of economics, people has studied this for a long time. I personally don’t like any of the above definitions, Economics can be defines in many kinds, mypersonal favorite is that economics is a branch of a social science with the distribution, production and consuming of goods and services, and how people use choose to use this resources.
Economics isrelated to many branches of science such as; microeconomics, macroeconomics, etc, other things such as markets, supply and demand, market failure, inflation, monetary policies etc.
I believe we needeconomics in life because we need to administrate the resources we have given in life such; as raw materials, services, goods etc. And economics analyzes the choice we make to get this resources when andwhat choices do we make in our life time.
We also have to say that the behavior of each person as individuals is important, but also studies in collective ways such as; industries, governments,countries and the whole world or globe, this means economics can be measured in different levels.
Economics can be used in crime, education, family, health etc. This means we have to use necessaryeconomics in our life.
People seek economics in a way to make an order in their life by ordering their resources and how to use them. We have to understand that economics try to explain how the economywork and how economy agents interact.
Some examples of what economics can help us are; tradeoffs between various goals and anticipate changes in government policies, company practices etc. In public...