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Intro to Economics

Benshapiro
Posts: 3,963
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7/1/2015 2:41:57 PM
Posted: 1 year ago
This is a post for users who want an understanding of the subject without the superfluous econ jargon.

First, what is economics?

Economics is the study of how people choose to economize on resources. The money in your bank account, for example, is a limited resource. In economics, if something is in limited supply, it's referred to as scarce. You might ask yourself, "well, isn't everything scarce?" Yes! Everything on planet earth is scarce. Scarcity is the fundamental concept that underlies economics. If nothing was scarce, meaning everything was in infinite supply, there would be no need to economize and no need for the study of economics.

Back to the money example - I need to economize on my spending habits because things that I desire to purchase exceeds my limited budget.. Two central tenets of economics is that (1) everything is scarce and (2) human beings have insatiable desires. Taking that into consideration: What underlies my decision-making process when deciding which items to spend my money on? Welcome to economics.

I'm on a break right now but I'll post more if anyone is finding this useful
sword
Posts: 96
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7/1/2015 4:54:18 PM
Posted: 1 year ago
At 7/1/2015 2:41:57 PM, Benshapiro wrote:
This is a post for users who want an understanding of the subject without the superfluous econ jargon.

First, what is economics?

Economics is the study of how people choose to economize on resources. The money in your bank account, for example, is a limited resource. In economics, if something is in limited supply, it's referred to as scarce. You might ask yourself, "well, isn't everything scarce?" Yes! Everything on planet earth is scarce. Scarcity is the fundamental concept that underlies economics. If nothing was scarce, meaning everything was in infinite supply, there would be no need to economize and no need for the study of economics.

Back to the money example - I need to economize on my spending habits because things that I desire to purchase exceeds my limited budget.. Two central tenets of economics is that (1) everything is scarce and (2) human beings have insatiable desires. Taking that into consideration: What underlies my decision-making process when deciding which items to spend my money on? Welcome to economics.

I'm on a break right now but I'll post more if anyone is finding this useful : :

Economics started when a lazy man convinced a hard working man that a piece of gold he found on the ground was just as valuable as his labor.
lannan13
Posts: 23,062
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7/1/2015 6:25:27 PM
Posted: 1 year ago
At 7/1/2015 2:41:57 PM, Benshapiro wrote:
This is a post for users who want an understanding of the subject without the superfluous econ jargon.

First, what is economics?

Economics is the study of how people choose to economize on resources. The money in your bank account, for example, is a limited resource. In economics, if something is in limited supply, it's referred to as scarce. You might ask yourself, "well, isn't everything scarce?" Yes! Everything on planet earth is scarce. Scarcity is the fundamental concept that underlies economics. If nothing was scarce, meaning everything was in infinite supply, there would be no need to economize and no need for the study of economics.

Back to the money example - I need to economize on my spending habits because things that I desire to purchase exceeds my limited budget.. Two central tenets of economics is that (1) everything is scarce and (2) human beings have insatiable desires. Taking that into consideration: What underlies my decision-making process when deciding which items to spend my money on? Welcome to economics.

I'm on a break right now but I'll post more if anyone is finding this useful

Escentially it began when people began exchanging Gold for paper receits that were practically worthless. The bankers got wealthy due to the gold and you saw currency start to rise.
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If the sky's the limit then why do we have footprints on the Moon? I'm shooting my aspirations for the stars.

"If you are going through hell, keep going." "Sir Winston Churchill

"No one can make you feel inferior without your consent." "Eleanor Roosevelt

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