Economics is one of the most important subjects in Arts, Commerce and Business Management. Economics is one of those few subjects which speaks relentlessly at the individual firm level (micro-economic) and at national or international level (macro-economic). The subject is very important in calculating the demand for an individual firm, an industry on the whole and the demand for all the goods and services in the country. The subject also includes concepts of Global Economy.
Economics is the study of unlimited wants over limited resources. The study of Economics is particularly important and relevant in business administration. For example if a company wants to introduce a new product into the market, then it must know how the demand for the product is. If the product has a close substitute, then it will look at the market of that substitute and can conclude what would be the demand for the product if it is introduced. This is just one side of the story. The other side of the story is the supply. If the demand can be anticipated, then the supply of the product can also be formulated. This formulation is very important because, for example if the demand for the product is say about 1000 units and regardless of this if the company produces 5000 units, then the 4000 units produced will be a waste of resource and in some cases a loss to the company. So, a proper supply calculation is also important.
There are other things which the subject of Economics also speaks about is the market conditions. Markets are one of the important factors to be considered while producing goods. Markets in Economics can range from Perfect Competition on one extreme and Monopoly, another extreme. The rest of the market conditions like Monopolistic competition, Oligopolistic competition, Oligopoly, Duopoly, etc fall in between the two extremes of market conditions. The concept of market condition is important because a firm will act differently in different market conditions. For example, if the firm is a monopoly, then the firm will try to earn abnormal profits for a long period of time. Looking at these abnormal profits, other firms will try to enter the market and will try to make good of these profits. If these firms successfully enter the market and start producing goods, then the earlier monopoly firm will earn abnormal profits as it used to do. And on the other extreme if a firm is part of perfect competition, then the firm will behave differently. As the market conditions will not permit to increase the price, the firm will not increase the price and it will not decrease the price for more demand because, decreasing the price will only yield loss to the firm. So, a thorough knowledge of market conditions is very essential in the study of Economics.
Studying economics is not an easy task. The subject requires a lot of patience and perseverance. It also requires experts’ assistance to understand and decipher some important concepts. Some concepts require experts’ interpretation in various concepts.
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