15 Days Of Economics

I am a 16 year old student studying A level economics at University College School. I have chosen to study economics as I want to broaden my understanding of how modern society functions through consumption, production and the transfer of wealth.

I think that studying economics is a key tool in understanding the basis of society, especially behavioural economics. With vastly differing ideas and normative statements made by many: Karl Marx “The last capitalist we hang will be the one who sold us the rope” economics pitches different methods to reach a society where effectively, supply meets demand.

Karl Marx - A German philosopher and economist born 5th May 1818

These can be studied on a small (microeconomics) or a large (macroeconomics) scale.

Microeconomics: The study of individuals and business decisions. Essentially a bottom up approach of economics focusing on supply and demand that determine price levels.

Macroeconomics: The study of decisions made by countries and governments. A top down approach which deals with economics on a large scale.

Each is studied dubiously, both effecting the market state.