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Economics as a Major Subject

Economics as a Major Subject

Economics is an important discipline and field of study. There are myriad of topics covered under the umbrella of Economics. Being an Economics Major, I have realized the fact that studying Economics as a subject is important to gain an insight into the economic and social status of the countries, organizations, and individual people. Today the variety of fields of study exploring, registering and describing the economy or a part of it, including social sciences as an economy, as well as branches of history (economic history) or geography (economic geography). Practical fields directly related to human activities involving production, distribution, exchange, and consumption of goods and services together to address areas of engineering and business administration in finance also apply. All kind of professions, occupations, economic agents or economic activities, contribute to the economy (Atkinson, 2008).

Consumption, savings and investment are key components in the economic variables and determine the market equilibrium. There are four main sectors of economic activity: primary, secondary and tertiary. Economic theories have influenced the thinking of the political stalwarts. These theories have triggered the inclusion of variety of topics and concepts in the discipline of Economics. Microeconomics is the part of economic analysis that studies the process of decision made by individuals (households) and businesses, while macroeconomics is the economic analysis that studies the behavior of the economy taken as a whole or set (Atkinson, 2008).

Microeconomic analysis, for example, concerns the effects of changes in the price of gasoline relative to other energy sources. It examines the effects of new taxes on a specific product or specific industry. The increase in wages effective union strike would also be analyzed using the tools of microeconomics. Issues related to the rate of inflation, the level of unemployment in the ...