Introduction
Economics is the social science studying the production, distribution and consumption of goods and services. It is a complex social science that spans from mathematics to psychology. At its most basic, however, economics considers how a society provides for its needs. Its most basic need is survival; which requires food, clothing and shelter. Once those are covered, it can then look at more sophisticated commodities such as services, personal transport, entertainment, the list goes on. Today, this social science known as "Economics" tends to refer only to the type of economic thought which political economists refer to as Neoclassical Economics. It developed in the 18th century based on the idea that Economics can be analysed mathematically and scientifically.
Contents
Market Values
The market is the place/system or arrangement where buyers and sellers of goods and services come into close contact with each other for the purpose of business transactions. Not only can you have electronic marketplaces such as eBay, markets are also seen as the congregation of all people buying and selling things everywhere. This is usually named "the market" and referenced to as it is a thing with a will and a power of it's own. But of course, it is just the average will and opinion of all the buyers and sellers, the actors, on the market that shows itself by prices rising and falling and money moving around.
Task
1) Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
2) Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy.
3) Forecast production and consumption of renewable resources and supply, consumption and depletion of non-renewable resources.
4) Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
5) Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
6) Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
Process
Production is a process of workers combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output). It is the act of creating output, a good or service which has value and contributes to the utility of individuals.[1]
Economic well-being is created in a production process, meaning all economic activities that aim directly or indirectly to satisfy human wants and needs. The degree to which the needs are satisfied is often accepted as a measure of economic well-being. In production there are two features which explain increasing economic well-being. They are improving quality-price-ratio of goods and services and increasing incomes from growing and more efficient market production.
The most important forms of production are
In order to understand the origin of the economic well-being we must understand these three production processes. All of them produce commodities which have value and contribute to well-being of individuals.
The satisfaction of needs originates from the use of the commodities which are produced. The need satisfaction increases when the quality-price-ratio of the commodities improves and more satisfaction is achieved at less cost. Improving the quality-price-ratio of commodities is to a producer an essential way to improve the competitiveness of products but this kind of gains distributed to customers cannot be measured with production data. Improving the competitiveness of products means often to the producer lower product prices and therefore losses in incomes which are to compensated with the growth of sales volume.
Conclusion
To be written your veiws and how u ll teach.
Credits
Teacher Page
Economics is a discipline that ought, at its best, to explain the world and its complexities. Unlike physics, it is not an exact science. Due to its nature as a social sciences, lecturers must assist students to understand the complex relationships between companies, governments, consumers and diverse stakeholders. They also need to guide their students to develop critical thinking skills and information literacy. And this goes beyond to an understanding of critical aggregates such as gross domestic product (GDP), inflation and unemployment rates.
It is particularly crucial to revisit the economics curriculum in the light of recent global developments. In the years since the 2008 financial crisis, there’s been much debate about whether universities are doing enough to produce economics graduates ready for the real world. There’s been a rise of student societies committed to new ways of approaching the discipline.
What’s become increasingly clear is that teaching economics needs to be tightly connected to real life. This grounds teaching in students’ economic realities, enabling them relate better to economics knowledge. Undergraduate students, particularly those in their first year of study, must be given the opportunity to engage with different economic actors such as business managers and analysts. They must be given the chance to strongly draw on daily realities.