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There are various ways to define economics. Economics is the study of scarcity and the way individuals utilise the resources and also reply to the incentives along with the decision making. There are different topics in economics like finance and wealth, but it is not about money all the time. The range of economics lies between small and very large. When economic studies for the decisions of individuals, it is microeconomics, and when it studies for complete economics itis macroeconomics. Everyone’s life is affected by economics. Economics helps in understanding the financial decisions and also allows the individual to see the world in a much different way. Economics is social science related to the production, distribution and consumption of good as well as services. Economics studies the allocation of resources by the individuals, businesses and governments to satisfy their needs. There are two types of economics such as Microeconomic and Macroeconomic.
Macroeconomics is one of the facets of economics. In microeconomics, the studies about the actions taken by individuals and to evaluate how those actions affect the distribution of scarce resources. Every resource has their value, and macroeconomics shows how individuals take productive decisions for the resources and co-operate with one another. Normally microeconomics instead of Economics tendencies that occurs when an individual make different choices. In microeconomics, individual actors categorise in different subgroups which are usually known as buyers, sellers and business owners.These are the actors who directly interact with supply and demand of resources. The pricing mechanism based on money and interest rate used by the actors for coordination. Microeconomics helps in expecting coming trends if there are certain changes in the condition. For example, if there are certain changes in the price of cars, macroeconomics says, there will be changes in the behaviour of car buyers and the price of cars can go up and down according to the changes in price.
Macroeconomics is another facet of economics in which evaluates the aggregate economic behaviour. Macroeconomics studies the price levels, the rate of growth, income etcetera on the large scale of Economics. The main focus of macroeconomics is on the changes in the trends of the economy and the movement of the economy as a whole. Macroeconomics is different from microeconomics as microeconomics usually focus on the small factors which are affected by the decisions or actions of an individual and companies. On the other hand macroeconomics focus on the factors which occurs on a large scale and are considering it as the whole economy. For example, the level of unemployment has effects on the supply of workers as there can be more supply of workers for a company to hire. In shorts from macroeconomics is a branch of economics which deals with behaviour, performance, actions and decision making of the whole economy instead of focusing on the single market.
Supply and demand are two fundamental concepts of Economics. The supply and demand of resources in the market affect various factors, and it is also known as the backbone of the market economy. The demand is the quantity of product or service that the buyer needs in the market, and the supply is the amount of product or services supplied by manufacturers to the buyers. There is a fixed relationship between price and quantity demanded as the price of a product depends on the quantity demand in the market. This relationship of price and quantity demanded is also known as demand relationship. The goods producer go to the market after receiving a certain price which referred to quantity supplied.The relationship of price and the goods supplied to the market after reaching a certain amount is known as supplier relationship. It shows that the price is the main reflection of supply and demand.
There are different laws which concern the force behind the allocation of resources in a relationship of demand and supply such as the law of demand and the law of supply.
The law of demand depicts that if the factors remain equal and if there is a hike in the price of good will eventually affect the demand for good endless people will demand that particular well. In simple words, higher the price, lower the demand. The higher price of the good business opportunities for the buyers to buy that good and peoples avoid buying the products.
The law of supply depicts the quantity of the good to be sold at a certain price. In the law of supply, the price of the good set by the good producers by the demand of goods. In contrast to the law of demand, goes in an upward slope. If there is a hike in the price of a good, then the high quantity of goods supplied.
Cost and Benefit analysis is a process which evaluates the decisions taken by the organisation for their business. In this process, the benefits that the organisation will get from their particular decisions and actions are calculated, and then the costs of taking those actions and decisions are subtracted from it. The cost and benefit analysis process help the managers and high-level administrators to evaluate the potential costs and revenues of new plant or new project which will be adopted by the company. The main purpose to perform cost and benefit analysis is to make sure whether the new project or plan is feasible for a company or not.
The cost and benefit analysis begins with the comprehensive list of all the costs and benefits associated with anew plan for the project. In the cost of the project, it includes all factors associated with costs such as the direct and indirect cost of the project, intangible costs, cost of potential risks and opportunity risk. On another side, the benefit of the project includes all the direct and indirect benefits of the project, tangible benefits, the increment in production and reduction in employment cost. It uses the common monetary element to measure the benefits and costs of the project. This analysis helps the organisation to make an effective decision regarding the acceptance of new project or plan for the organisation.At the end of the cost-benefit analysis, the results of cumulative costs and benefits are compared quantitatively to check if the value of the benefit is more than cost. If the project seems feasible, then rational decision is move with the current project. Otherwise, it is necessary to make possible changes in a project to make it feasible.
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