Economics

Economics is a science that studies human behavior in fulfilling their needs, amid limited resources. Knowledge of human and firm behavior is very important for us, both as producers and consumers. By understanding this, we can take the right steps in interacting in the market, both as sellers and buyers. Firms can set optimal number of production and selling prices and households can also set the optimal consumption.

Knowledge of the macroeconomy is also very important for households, firms, and governments. Their economic activities, both consumption, investment, and production, are greatly influenced by economic conditions. By understanding the condition of the economy and its relationship to their economic activity, households and firms can make the right decisions. The government can also take the right policies in managing and maintaining the economy.

Some of topics that are researched include:

• Output as a measure of an economy
  
• The relationship between money, output, and prices
  
• Economic balance
  
• Economic and financial stability