Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Behind this definition are two key ideas in economics: that goods are scarce and that society must use its resources efficiently.Click to see full answer. In this way, what is economics as a subject?Jean-Baptiste Say (1803), distinguishing the subject from its public-policy uses, defines it as the science of production, distribution, and consumption of wealth. Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.Likewise, is economics hard to study? Even though economics is a social science, it can be as difficult and demanding as any of the more challenging academic subjects, including math, chemistry, etc. To do well in economics requires time, dedication, and good study habits. Also question is, what do you learn in Economics? Economics majors have also generally studied demand theory and estimation, production and cost theory, analysis of market structure, antitrust policy, government regulation of business, capital budgeting, inflation theory, unemployment, the determination of interest rates, and international economics.Is economics a useless degree?Honestly, I just get worked up when people misinform others about the value of an Economics degree. It’s definitely not useless, and may actually be preferable to other degrees of similar nature. Economics is very rarely is more versatile than something like accounting, even finance in many cases.
