Economics

When decisions are made in regard to land, labor, capital and other resources, there are consequences that are always experienced afterwards. These decisions are for the purpose of providing a large output that will enhance the standard of living of a country. The countries decisions on its outputs is paramount compared to the available resources because we still can see poor States that have plenty of natural resources and rich countries with limited natural resources.

Economics cannot revolve around the output of goods and services but also making sure that the output is produced using very scarce resources. The main concern is how a country will utilize its scarce resources. The scarce resources also have alternative uses that can be produced for future use. Since the human wants are in existence as the start of the world’s economic activity, it is mandatory that we make efforts to satisfy our wants. Thus, economics revolves around wants, efforts and satisfaction.

Among the social sciences, economics is the most important branch since it is studied for the purpose of arriving at the truth. It is also of great importance since problems of the State are always in the nature of economics. The economists have a very important role in the State affairs. In economics, we study about things like prices, rent, wages, interest, profits and taxation. All these affect every person one way or the other.

If there is need for economic growth, increase in investment has to be put into consideration. There is a lot of production when investment goods are available in plenty. In order to invest more, people have to reduce their current consumption and save more. Producing more out from the same amount of inputs is another way for the growth of the economy. That is, innovations in technology, management and marketing can all contribute to economic growth. An increase in the number of inputs leads to more output and to economic growth.

In conclusion, we can state that economics is a science that needs to be understood well. People have to understand the fact that even with fewer resources, the economy of a country can increase for as long as they know how to fully utilize them. The best way for the economic growth is to encourage people to concentrate more on innovations so as outputs can be more than the inputs, even if the inputs are few.

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