What is Economics?: Economics is the study of how society allocates scarce resources and goods.Resources are the inputs that society uses to produce output, called goods. Resources include inputs such as labor, capital, and land. Goods include products such as food, clothing, and housing as well as services such as those provided by hair stylists, doctors, and police officers. These resources and goods are considered scarce because of society’s tendency to demand more resources and goods than are available.
Economists tend to focus on how people make decisions:
- How people interact with one another
- How many people work and how much do they work
- What people buy
- How they invest
- How much money/resources do they save
Economics is very a popular course in college and even high school. Aside from those who wish to pursue a degree in economics, many students like to take courses related to this field as general educations requirements.
The Economics department of Jagjiwan College, Ara was established in 1959.