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Applied economics

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Written by   2
6 months ago

Economics is the study of how individuals and society allocate their resources to satisfy their unlimited needs and wants.

Applied economics means the application of economics and this article will help you to understand it more:

1.Why applied economic is at the center of everything we do, and it will helps to explain economic theory and apply it.

From the word itself, applied economics serves as "application of the knowledge in economics" in a daily basis to ensure the efficiency, effectiveness,convenience and practicality of decision making and analysis . It is the center simply because it plays a vital role to decision making and analysis whether it is in small or large scale because it is the study of application of economic principles in different situations. By simply creating decision on what to eat, where to buy something and whether you will buy something ,you already practicing basic knowledge about economics by weighing the possibilities. Having the knowledge about economics is good but the application of it in real world situation is also vital in order for you to be considered knowledgeable in the field and that's where applied economics appears. Instead of relying on texts in books, you are able to understand different economic theory and apply it in different situations to make practical and efficient decisions in terms of business-related or even daily life instances of an individual.

2. Why applied economics can help us understand more about the price we pay, how delivery charge work, and why things may go on sale.

It is helpful to understand those things because it came from the academic side of economic studies and knowledge, where you study economic theories and principles, but in applied economics, you are applying it in real life situations like making decisions about your wants and needs, expenses and other stuffs that may affect your resources and resources around you.

3. Differentiate economics as social science and economics as applied science?

Economics as social science mainly focused on human behavior and relationship of it to the decision making of human about scarcity and satisfying all his unlimited needs and wants using its limited resources while economics as applied science focused on application of economic theories and knowledge that will be implemented to different situations to form conclusions that will be useful for other studies ,fields and other practical uses such as analysis.

There are two field of science that are related to applied economics :

1.Social sciences are a group of academic disciplines dedicated to examining society. This branch of science studies how people interact with each other, behave, develop as a culture, and influence the world.Social science examines the relationships between individuals and societies, as well as the development and operation of societies, rather than studying the physical world.

2.Applied science is a discipline that is used to apply existing scientific knowledge to develop more practical applications, for example: technology or inventions.It is also using scientific discoveries, such as those from basic research, to solve practical problems

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