Bachelor of Economics (New) at Polytechnic of Namibia

Bachelor of Economics (New) at Polytechnic of Namibia

What is Economics?

Economics is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.

Entry Requirement

General admission requirements of NUST including a minimum D symbol in Mathematics on NSSC Ordinary level.

Frequently Asked Questions

What is economics in simple words?

Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.

What is economics and its importance?

Economics seeks to solve the problem of scarcity, which is when human wants for goods and services exceed the available supply. A modern economy displays a division of labor, in which people earn income by specializing in what they produce and then use that income to purchase the products they need or want.

How do you explain economics to a child?

One simple way to define the economy: It’s the way people spend money and the way people make money. An economy can be big or small. The word can refer to a local economy, such as the way people spend and make money in a small town or larger city.

What is economics study?

Economics, at its very heart, is the study of people. It seeks to explain what drives human behaviour, decisions and reactions when faced with difficulties or successes. Economics is a discipline which combines politics, sociology, psychology and history.

What are 10 definition of economics?

Economics is the “study of how societies use scarce resources to produce valuable commodities and distribute them among different people.” ( Paul A. Samuelson 1948) 10. economics includes the study of labor, land, and investments, of money, income, and production, and of taxes and government expenditures.

Why economics is important in our life?

Economics affects our daily lives in both obvious and subtle ways. From an individual perspective, economics frames many choices we have to make about work, leisure, consumption and how much to save. Our lives are also influenced by macro-economic trends, such as inflation, interest rates and economic growth.

What is types of economy?

There are three main types of economies: free market, command, and mixed. The chart below compares free-market and command economies; mixed economies are a combination of the two. FREE-MARKET VERSUS COMMAND ECONOMIES. Free-Market Economies. Command Economies.

How does an economy work?

However, in essence, economies work by distributing scarce resources among individuals and entities. A series of markets where goods and services are exchanged, facilitated by capital, combine to make an economy. These networks exist at a local, national and international level.

What do you learn in economics?

In Economics you learn about supply and demand, perfect and imperfect competition, taxation, international trade, price controls, monetary policy, exchange rates, interest rates, unemployment and inflation amongst many other topics to understand individual markets, the aggregate economy and government policies.

What is economics theory?

An economic theory is a set of ideas and principles that outline how different economies function. Depending on their particular role, an economist may employ theories for different purposes.

Why economics is a science?

Economics is a science because it studies the flow of information in a society. There is no larger a scientific concept than information. To study information is science, and there is no greater reason to claim to be a science than to study the flow of information in a society.

What is economics in other words?

In this page you can discover 56 synonyms, antonyms, idiomatic expressions, and related words for economics, like: public economy, science of wealth, principles of finance, economic theory, development of public wealth, econ, business, economism, business theory, loan and economic-science.

Why do you love economics?

Because economics provides a rigorous way of thinking about trade-offs, incentives, and costs and benefits, it has many real-world applications. It can help a company be more profitable but it can also help policymakers formulate better public policies that affect people’s lives.

What is economics by Brainly?

Answer: Economics is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. taffy927x2 and 120 more users found this answer helpful. heart outlined.

What is a strong economy?

Firstly a strong economy implies: A high rate of economic growth. This means an expansion in economic output; it will lead to higher average incomes, higher output and higher expenditure. Low and stable inflation (though if growth is very high, we might start to see rising inflation) Low unemployment.