ARTICLE
GROUP 4 MEMBERS
RAPHEAL NNAMUCHIH21MC013
HAFSAT MUHAMMAD H21MC014
KHADIJA ABDULFATAIH21MC015
ABDULRAHMAN NASIR H21MC016
INTRODUCTION
Economics and it fascinating world. In this articles we will explore what economics is, its impact on our daily lives and the society at large from the way it shapes employment opportunity to it influence on prices and the overall wellbeing of the society, economics play a crucial role. We will also touch upon some of the challenges faced in the field. So buckle up and left embark on this exciting journey through the world of economics.
To begin, Economics is the study of scarcity of resources and production of goods and services, it also study how the society strives with the scarce resources. It can also be seen as a form of relationship between ends and scarce, this simply means where the ends aspect deals with satisfying the needs and wants of the people while the scarcity deals with resources that are available and required to satisfy the needs and wants of the people. Economics also tries to balance the relationship between ends and scarcity.
The term economic as a field is broadly divided into two aspect which include micro economics and macro economics. Micro economics deal with the individual production, how individual firms tend to make production to satisfy the needs and want of the people in the market while on the other hand macro-economic deals with the general economic conditions of the country which is typically managed by the government, such as issues related to policies like; monetary policy, fiscal policy and so on, I.e the general economics aspect of the nation is what is basically covered by the macroeconomic which implies that the internal aspect of the micro economics is related to individuals firms and production, then the external aspect or broader aspect of it is related to the macroeconomics which is handle by the government, in order to ensure that the people in the society have quality life and also to improve the standard of the environment. Economics has impacted our daily lives from the way it shapes employment opportunities to its influences on price and the overall wellbeing of the society, economics has a lot of benefit because its clearly related to the operation of the society and also it deals with production conversion of raw material into good to serve people needs and wants also through economics we realize that producers under economics try to produce a product that will satisfy people need that means they are definitely going to improve the peoples standards of living, producers in individuals firms also pay tax to the government and if a producer employs so many people, he has generate income for the people and this will reduces unemployment in the society and this happens to be great benefit of economic.
Furthermore economics also helps the government in improving the general economy situation because in a small scale production on their per-capital income and gross domestics product (GDP) will also increase and gross national product (GNP) will also be on the rise so as such, we can say our country is having favorable balance of trade, so we are having proper economy. In as much as economics has impacted our society and our daily lives and even the country at large. It also has challenges, and one of the challenges of economic is when there is recession in the economy, in a particular society during a recession quality life can be declined, families may not have a enough disposal income to afford luxury items or even basic necessities. An economy recession generally lead to an increased cost of living, which also escalate poverty rate in the society.
While the value of currency also fluctuates, the currency is directly affected by economy changes. A strong economy result in a strong currency. Alternatively, a weak economy, result in a weak currency. What does that actually mean, it means that a national currency has less or more buying power on the international market.
For example, in a country like Nigeria that is not a producing country, which we fully based on consumption, virtually everything we consume in Nigeria is from outside country and we are not using our currency to buy we have to exchange with their currency based on restrictions then they will definitely make their currency expensive which place it above ours, and lead to inflation in our country, but if we are also producing in our country not less than 50% of what we are consuming, then inflation might not take place.
In Conclusion, Economics play significant role in shaping our society it presents both opportunities and challenges, if the challenges are tackled, we can see work together towards creating a more equitable and sustainable future, lets continue to explore and navigate the complexities of economics to build a better world together.