15 Days of Economics

Day 1: My introduction to economics

After watching the Jacob Clifford Youtube video here is some information that I gathered about the subject:

An important part of economics is analysing and weighing the opportunity cost. This is because the cost can sometimes outweigh the benefit henceforth one wouldn’t be achieving maximum efficiency. The also continues to explain the differences between Micro and Macro Economics ; Macro is the branch of economics concerned with large-scale or general economic factors and Micro is the study of individuals and business decisions.

Furthermore the video explained how the average economics major obtain a higher paid job than someone with a engineering or finance degree. Here is a list on economics vocabulary used in the video :

• Scarcity: The idea that we have unlimited wants but limited resources.
• Economics: The study of how we deal with scarcity, essentially how to use the limited resources to get the most efficient output.
• Microeconomics: The study of individuals, businesses and markets interact to generate outcomes
• Macroeconomics: The study of the whole economy of unemployment, inflation trade and government policies
• Opportunity Cost: The loss of an alternative when you pick another alternative