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    honestly, i always see people saying they do economics at a level and at uni and ive never actually knew what it is?

    what type of things do you study in it and why are so many people doing??


    i know i could just google this but i thought this would be more fun and create a bit of a discussion :yes:
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    Well I am doing it at Uni, never did it at A-Level

    It's basically a science of how the Economy works, using different calculations and looking at different factors which effect the economy. I think anyway, probably best off finding out off someone who has a broader knowledge, I've only studied a bit in Business.
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    We got taught it was ''the study of the allocation of finite resources in order to satisfy infinite wants''
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    There's loads of definitions...

    The science of choice,
    The science that deals with the allocation of an economies resources,
    Etc.

    There are 2 'type's micro and macro. Microeconomics is like small scale economics, dealing with individual firms, markets and goods. Macro is about the whole economy and deals with 'aggregates' such as the total demand in the economy rather than individual demand for a good. There's so much more to say, but that's a brief summary
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    (Original post by gummers)
    honestly, i always see people saying they do economics at a level and at uni and ive never actually knew what it is?

    what type of things do you study in it and why are so many people doing??


    i know i could just google this but i thought this would be more fun and create a bit of a discussion :yes:
    it's a social science studying the economy.
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    (Original post by Montarnna)
    We got taught it was ''the study of the allocation of finite resources in order to satisfy infinite wants''
    us too
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    economics is economics, no rocket science involved in it.
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    (Original post by Montarnna)
    We got taught it was ''the study of the allocation of finite resources in order to satisfy infinite wants''
    hmmmm...I read that somewhere but it wasn't from our book
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    Broadly speaking it is the social science that looks at human behaviour and tries to answer the main economic problem of what to produce, for whom to produce, and how to produce. As has already been said, it's all about working with finite resources despite infinite wants.

    There are three broad areas: microeconomics, which focuses on individual behaviour and behaviour of the firm; macroeconomics, which is all about aggregates and the global economy; and econometrics, which is the statistical theory used to validate economic theories.
 
 
 

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