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BE 1203 Communication Principles project work Economics

1.0 Economics

Economics is a one of most important subject because it is doing marvelous service for the human. Harvey
(1983,p.6) said that economics is the study of how people allocate their limited resources to provide for their
wants. And in new millennium Faille and O’connor (2000,p.1) defined that economics is the study of how
people choose to use their scarce resources in order to satisfy their unlimited economic wants. Regarding to
above explanations we can get a brief idea about economics that it is mainly focused subject on people’s day
to day life.

Economic can be divide into three parts. These are descriptive economics, economic theory and applied
economics (Hargue and stonier, 2005,p.1).

Descriptive Economics, or Positive Economics, is the branch of economic inquiry that analyzes and explains
economic phenomena as they are, without making any statements about how they ought-to be.

Economic Theory provides an outlet for research in all areas of economics based on rigorous theoretical
reasoning and on topics in mathematics that are supported by the analysis of economic problems.

Applied economics is a term that refers to the application of economic theory and analysis. While not a field
of economics, it is typically characterized by the application of economic theory and econometrics to address
practical issues in a range of fields including labour economics, development economics, monetary
economics, and public economics.

Economists try to explain puzzling observations and facts about the economy( Taylor,2006,p.5)

An economist is an expert in the social science of economics. The individual may also study, develop, and
apply theories and concepts from economics and write about economic policy. Within this field there are
many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within
specific markets, macroeconomic analysis, microeconomic analysis or financial analysis, involving analytical
methods and tools such as econometrics, statistics, economics computational models, financial economics,
mathematical finance and mathematical economics.

Department Of Building Economics


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BE 1203 Communication Principles project work Economics
2.0 Factor market

In economics, factors of production (or productive inputs) are the resources employed to produce goods and
services. They facilitate production but do not become part of the product (as with raw materials) or are
significantly transformed by the production process (as with fuel used to power machinery). Anderton
(2000,p.9) argued that economics commonly distinguish three types of resources available for use in the
production process. They call these resources the factors of production. They are Land, labour and capital.
But some of other economists add another factor for the topic is entrepreneurship.

Land is the natural resources available for production. Some nations are endowed with natural resources and
exploit this by specialising in the extraction and production of these resources Labour is the human input into
the production process. To an economist, capital has several meanings - including the finance raised to
operate a business. But normally the term capital means investment in goods that can produce other goods

Entrepreneurs are people who organize other productive resources to make goods and services. Some
economists regard entrepreneurs as a specialist form of labour input. The success and failure of a business
often depends critically on the quality of entrepreneurship.

Regarding to the above details economics is a widely spread and very socialise subject in the whole world.
Economics is using in every field to get more effectiveness from the field. It tends to be more scientific in its
approach, and studies. So that economists have catagorised economics into the parts as microeconomics and
macroeconomics for the convenient of the studies. And also it has sectioned into more parts like labour
economics, development economics, monetary economics, public economics, etc.

Department Of Building Economics


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BE 1203 Communication Principles project work Economics

3.0 References

Anderton,A.,2000.Economics.3rd ed. Delhi: Longman.

C’onnor, E. and Faille, C.,2000. Basic economic principles. London: Greenwood press.

Economyprofessor. Descriptive Economics [online]. Available from:


http://www.economyprofessor.com/dictionary/descriptive-economics.php[accessed 8 December 2009].

Hargue, D.C. and Stonier, A.W.,2005. A text book of economic theory. 5th ed. Delhi: Pearson education.

Harvey, J.,1983. Modern economics.4th ed. London: The Macmillan press.

Reuters, T., 2008. Applied Economics [online]. Available from: http://www.tandf.co.uk/journals/RAE


[Accessed 8 December 2009].

Tatum, M., What is Applied Economics? [online]. Available from: http://www.wisegeek.com/what-is-applied-


economics.htm [Accessed 8 December 2009].

Taylor, J.,2006. Economics. 2nd ed. Delhi: A.I.T.B.S.

Tuto2u. Factors of production [online]. Available from:


http://tutor2u.net/economics/content/topics/introduction/factor.htm [Accessed 8novamber 2009].

Yannelis,N.C. Economic Theory [online]. Available from:


http://www.springer.com/economics/economic+theory/journal/199 [Accessed 8 December 2009].

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