Introduction to Economics

Economics is a vast field of research within the category of social sciences. It deals with the concepts of supply (availability of a product) and demand (desirability of that product within a certain market), as well as the capital used to produce goods. Depending on the lens, economics could be used to describe the behavior of individuals (microeconomics) or of entire markets (macroeconomics), explain the rules and regulations behind making money (financial economics), or the methods by which low-income countries develop strong economies (developmental economics). Explore below for an introduction to this immense and varied discipline.

Economic Development

A country’s economic development is usually indicated by an increase in citizens’ quality of life. ‘Quality of life’ is often measured using the Human Development Index, which is an economic model that considers intrinsic personal factors not considered in economic growth, such as literacy rates, life expectancy, and poverty rates.