Economics

What is economics? The meaning of economics can be interpreted. It can be about money and welfare, about the management of a company or an organisation, about capital, interest and growth, about production, consumption and investment, about administration, marketing and organisation. One approach is that ...

Economics is about scarcity and allocation

In the economic science, the scarcity and allocation of means are central themes. As long as needs are abundant and resources to satisfy these needs are limited, one can say that there is scarcity. In economics we say that the market price brings supply and demand into equilibrium. In some markets supply, demand or the price level are regulated. This can lead to tensions within the market.

The role of an economist

The challenge of an optimal allocation of means is as old as human kind. An economist specialises in dealing with such allocation issues. An economist can take as many aspects as required or necessary into account: socio-economic interests, a profit objective, a political perspective, a cultural or sociological background, or any specific objectives of a specific organisation. An economist can assist you in explaining human behaviour and prepare for future developments. Economics is not just about money, as only few things can adequately be expressed and valued in terms of money only.