Economics is one
of the important disciplines in our society. It portrays a major role in
shaping the world we live in and in uplifting the life of every citizen. It is
broad in character and it
deals with the every aspect of our life.
According to Castillo, Economics
deals with the activities of men in obtaining
wealth for the satisfaction of
his wants. (Castillo, 1986). These activities are concerned with the production
and use of wealth. All of us are born with need to be met and with economics;
it guides us in achieving our wants. Economics focuses on seeking and applying
the underlying principles that are involve in this process. It is part of our life
and it
helps us in allocating
properly the wealth that we have. We live and
depend in economics for us to manage our life properly. Economics deals with
the efficient use of
available scarce resources. (Fajardo, 1995). This means
that we have to spend our money wisely and produce more output for our needs.
Our government must reduce its expenditures and allocate
resources properly.
In general, economics offers many
favorable possibilities. It guide us how to make a good living, how to
distribute properly our available resources and how to achieve maximum
satisfaction. Among other things, economics helps in solving poverty through
fair distribution of wealth and income. Life for everyone is most likely better
with the proper application and implementation of economic decision.
More summaries about the economics