Understanding the Economic Way of Thinking - Economics Assignment Help

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Understanding the economic way of thinking provides a framework for understanding a wide range of economic issues and events. These include the reasons why the GFEC (global financial and economic crisis) occurred, as well as the policy responses from organisations such as the G20 (world's leading 19 economies plus the European Union). It also provides a framework for understanding the behaviour of firms and the government policies of individual nations.
Scarcity is an economic problem faced by everyone. It is a situation in which we are unable to have as much as we would like to have. While society has unlimited wants, it faces limited means. In essence, society has insufficient resources or factors of production (i.e. land, labour and capital) to produce all goods and services to meet everyone's needs. As a result of scarcity, society has to make choices. These choices are made at the 'micro' and 'macro' level. Microeconomics is the branch of economics that studies decision-making by a single individual, household, firm or industry, while macroeconomics is the branch of economics that studies decision-making for the economy as a whole.
Economic theories are developed in much the same way as scientific theories, both are based on induction and deduction. These theories can be expressed:
•verbally, or in written form
•as a numerical table
•graphically
•mathematically.
From these theories, models are formed that help explain the relationship between economic variables. However, models should be used with caution. Two common pitfalls to clear thinking are the failure to understand the ceteris paribus assumption and confusing association and causation.
Behavioural economicsmakes comprehensive assumptions about human behaviour that are being explored in experimental economics, to help explain how decisions are made.
Economics also can be subdivided into positive ('what is') and normative ('what ought to be') economics. We would all be well advised first to have a firm grasp of 'what is' before we argue 'what ought to be'. This does not mean that economics is about non-ethical behaviour. The key concept here is enlightened self-interest: people pursuing individual goals but in the context of the society in which they live and its laws and norms.

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