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Economics is the study of how limited resources are utilized to satisfy the unlimited wants of consumers. It is neither an exact science not an art; it is rather a combination of both. In broad terms, it encompasses various principles and laws that attempt to explain how the economy functions so that the unlimited demand of consumers or entities that constitute a marketplace can be met in the best way possible with a limited supply of available resources. When the resources are limited, some choices and tradeoffs have to be made in the attempt to satisfy each consumer’s demands. These choices and tradeoffs, even though they might not be clearly visible to the common household consumer, are part of their everyday life.
Economic principles try to explain how the buying decisions of consumers are made upon considering the choices they have and the factors that affect those choices. It should be mentioned here that in economics, a consumer can be persons, households, organizations and government agencies who consume goods and services that have an economic value. The goods and services can be finished products or raw materials and unfinished products used in production.
The 10 principles of economics that were first described by the renowned American economist Gregory Mankiw are based on the fundamental laws and concepts that constitute the entire field of economics. These four laws and concepts of economics are the (1) Law of Demand and Supply and the concepts of (2) scarcity, (3) incentives and (4) Cost and Benefits.
The ten principles of economics are as follows:
Simply put, this principle means that in order to get one thing, people (consumers) usually have to give something else (such as an alternative choice of product) up. Everyone in their lives has to deal with situations that require putting one option over and above the other. According this principle, a choice between the options has to be made because of the scarcity of resources available to consumers. This scarcity makes it almost impossible for all the consumers in the market to have everything they want in the desired quantity. Because no one can have all they want, they need to prioritize their wants and let go of things down on the list of priorities or those that cannot be accommodated in the resources available to them. This letting go of things when faced with alternative options is called a tradeoff in economics. Individual consumers face tradeoffs when they have to sacrifice the consumption of one product for another product. For example, they may have to choose between a TV and a refrigerator based on what they need the most and the available resources (funds to buy). They may also face tradeoff between activities such as work and vacation. At the larger level, societies constantly face situations where a tradeoff has to be made between equity and efficiency or employment generation and pollution. Governments face tradeoff when they have to decide the amount they can spend on activities such as defense and infrastructure.
Consumers often have to conduct a cost-benefit analysis of all the available options before deciding on a particular course of action or making a buying decision. Every decision they make involves an opportunity cost which is the value of the second best alternative that has been foregone while choosing the best option. For example, the opportunity cost of buying a refrigerator is foregoing the opportunity to buy a TV or going on a vacation for the same amount of money. Consumers must always consider what is more important for their immediate consumption among all the options to reduce the impact of opportunity cost they have to bear.
An important assumption made by economists is that consumers are rational. Therefore, they make the most rational decisions and choose the best possible alternative to satisfy their wants. Economics also assumes that rational consumers are well aware of the fact that in an economy, there is a perpetual scarcity of resources. Rational thinking and general awareness of the economy makes them want to maximize the utility or outcome they draw from the scarce resources. This simply means that consumers will continue consuming a product only until the product’s utility is greater than the cost borne by them, or in economic terms, until the marginal utility exceeds the marginal cost.
Because consumers are rational, they are likely to respond positively to an incentive provided by the seller on the consumption of a particular product. An incentive in this regard can be thought of as an extra benefit or a reward intended to attract consumers and have them consume more of a product or service. An incentive can be in the form of discounts, a higher quantity of the product at the same price, or free units of the product with the original quantity. Consumers respond positively to incentives as they provide an opportunity to maximize their utility or satisfaction from the product. Sellers usually provide incentives when the sales are declining or when the economy is slowing down. Incentives also allow them an opportunity to face competition in the market.
Trade is essential to the development of the economy. Trade can be between people, businesses, people and businesses, and countries. When these entities are involved in trade, they become better-off. This is because it is not practically possible for them to produce every single product and service they need. They can only produce what they are good at and buy the other things from others who produce them. This way the wants of both parties involved in the trade are satisfied. For example, a person can provide his/her services in the form of employment with an organization and get salary in return. In this case, the needs of organization are satisfied from the tasks performed by the person and the financial needs of that person are satisfied from the salary he/she draws in lieu of the job.
Markets provide sellers and buyers to interact with each other. Without a market, there would be no organized place for them to satisfy their needs, they would not know who to sell to and who to buy from. Markets, because of the competition among several sellers and buyers, the interplay of economic forces, and the regulations enforced by the government, also make trade free and fair for all participants. According to pioneering economist Adam Smith, most surpluses in an economy are produced when consumers and sellers interact in the market with the guidance of those forces.
The government is the most important institution that is capable of controlling the market forces and balancing the outcomes for all participants in the economy. It works with the objective of ensuring that every participant follows the regulations and gets fair treatment in the market. It controls monopolistic practices, monitors competition, and encourages participants to produce goods and services to the best of their abilities without the fear of suffering undue losses, getting an unfair deal, and getting cheated on. Also, it is seen globally that markets usually fail when the resources in the market are allocated inefficiently. The government can, through regulations and policies, intervene in the market and ensure efficient and equitable allocation of resources.
People’s income is the key determinant of their access to quality healthcare, housing, consumer goods, and an overall higher standard of living. Standard of living between people differs mainly because of the difference in their levels of productivity. The more the goods and services people produce, the higher their income levels. The higher the income, the higher will be their standard of living. This is why poor countries with low productivity have lower standards of living than developed countries.
The value of a currency decreases when the government prints too much of it. As the currency loses its value, its purchasing power also decreases which then results in an increase in the price of goods and services. Price rise leads to inflation and because of the reduced purchasing power of the currency; more of it is required to buy the same quantity of a product that was previously available for a lower price. The government is now forced to print more money to allow consumers buy goods and services they need. This throws the economy into a continuous cycle of inflation, price rise and currency printing. Therefore, to control inflation and ensure that prices remain stable, governments must have a strict policy and control over the supply of money.
Most countries face the situation where there is a short-term tradeoff between inflation and unemployment. When prices rise because of inflation, sellers would naturally want to increase production to make higher profits. To increase production, they need to hire more people. As more people get hired by businesses, unemployment rates in the economy fall in the short-term while it is still facing inflation. This tradeoff does not hold true in the long-term.
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