The Importance Of Economics In Economics

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Economics is one of five branches of social science whereas social work is more of an applied profession and workers are not so familiar with economics. All social sciences study human behaviour and humans interact with each other for instance the families, groups, organizations and communities to form a social system. Humans also interact in the marketplace, furthermore the economist define economics broadly in terms of how humans decides to use resources available to them to satisfy their wants. As such economics is the study of the allocation of scarce resources among competing ends. Similarly, it is the study of how human’s uses scare resources to satisfy competing wants, which are usually assumed to be unlimited. (Anthony-Lewis & Widerquist,…show more content…
Economist thinking can be incredibly powerful and useful in understanding the world in making personal decisions. Once you learn to think like an economist you will never change and economist think from six foundation principles. Firstly, people respond to incentives. Rewards are used to reinforce the behaviour you want. B.F. Skinner derived the reinforcement theory as a means of motivation. The theory states that an individual’s behaviour is a function of its consequences (Management Study Guide, 2013) for instance money given to child for doing well in examination. Secondly, there is nothing as free lunch. The world is seen by economist as imbalance between wants and the amount of resources available. However the, reality is that there will always be scarcity. Resources are scarce, time, money, and food. More of anything means less of something else. This focuses on opportunity cost. If you are not paying for it, you are not the customer. You are the product being sold. Moreover, no thing is just one thing; there are always two sides to every interaction. Every buy is a sell, two way traffic. So if we do not spend money, no one will earn…show more content…
Theoretically, foreign investors are not impressed by the devaluation due to the perception and history of corrupt practice in Jamaica. What has stifled the economic growth is the perception of government corruption. This includes but not limited to bribery, nepotism, cronyism and money laundering. With that said, the two governing parties have made no steps to curb corruption although they are aware of the negative impact on the country economic growth and

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