Economics as a subject:

As the science of decision-making, economic philosophy operates in our daily lives whether we realize it or not. When we are evaluating the interest rates on our credit cards or trying to decide whether to buy or lease a new car or go out to dinner or on vacation, these are all decisions we make using economic thinking. We live in a world of limited resources, and economics helps us decide how to use these limited inputs to satisfy our never-ending list of wants and needs. Economics is also a large field with a rich history that’s been explored and examined by hundreds of influential people, ranging from philosophers to politicians.

In its most simple and concise definition, economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services. Economics focuses heavily on the four factors of production, which are land, labor, capital, and enterprise. These are the four ingredients that make up economic activity in our world today and can each be studied individually.

Economics is split into the following two broad categories of study:

  • Macroeconomics – the branch of economics that studies the overall working of a national economy. It is more focused on the big picture and analyzing things such as growth, inflation, interest rates, unemployment, and taxes. When you hear the South African Reserve Bank (SARB) is raising interest rates or that the national unemployment rate is 31,15%, you are hearing about macroeconomic topics.
  • Microeconomics – the branch of economics that studies how households and businesses reach decisions about purchasing, savings, setting prices, competition in business, etc. It focuses at the individual level, while macroeconomics looks at the decisions that affect entire countries and society as a whole.

 

Ekonomie as ‘n vak:

As die wetenskap van besluitneming, funksioneer ekonomiese filosofie in ons daaglikse lewe, of ons dit besef al dan nie. As ons die rentekoerse op ons kredietkaarte evalueer of probeer besluit of ons ‘n nuwe motor wil koop of huur, of aandete of met vakansie gaan, is dit die besluite wat ons neem deur ekonomiese denke. Ons leef in ‘n wêreld van beperkte hulpbronne, en ekonomie help ons om te besluit hoe om hierdie beperkte insette te gebruik om aan ons eindelose lys van behoeftes en begeertes te voldoen. Ekonomie is ook ‘n groot veld met ‘n ryk geskiedenis wat deur honderde invloedryke mense ondersoek en verken is, wat wissel van filosowe tot politici.

In die eenvoudigste en bondigste definisie is ekonomiedie studie van die samelewing se beperkte hulpbronne. Ekonomie is ‘n sosiale wetenskap wat handel oor die produksie, verspreiding en verbruik van goedere en dienste. Ekonomie fokus baie op die vier produksiefaktore, naamlik grond, arbeid, kapitaal en onderneming. Dit is die vier bestanddele wat ekonomiese aktiwiteite in ons wêreld uitmaak, en wat elkeen afsonderlik bestudeer kan word.

Ekonomie word verdeel in die volgende twee breë studie kategorieë:

  • Makro-ekonomie– die vertakking van die ekonomie wat die algemene werking van ‘n nasionale ekonomie bestudeer. Dit is meer gefokus op die geheelbeeld en die ontleding van dinge soos groei, inflasie, rentekoerse, werkloosheid en belasting. As u hoor dat die Suid-Afrikaanse Reserwebank (SARB) rentekoerse verhoog of dat die nasionale werkloosheidsyfer 31,15% is, hoor u van makro-ekonomiese onderwerpe.
  • Mikro-ekonomie– die vertakking van die ekonomie wat bestudeer hoe huishoudings en besighede besluite neem oor aankope, spaar, prysbepaling, mededinging in die besigheid, ens. Dit fokus op individuele vlak, terwyl makro-ekonomie kyk na die besluite wat die hele lande en die samelewing beïnvloed.