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The Concept of Economics
13. August 2018 at 22:35
Economic is the scarcity and choice, this study will argue main parts of Economics so the Economic dived Macroeconomics , Microeconomics , Economic growth and economic development.However the Economic of Somali is depend on livestock special Camals , Goats and Cows so the trade hight significant with economic growth .
Since 1970 the Somali people crowed the cities and towns , so they need Business after that grdual arise trade import and export so the trade have positive impact on Economic growth in Somali. Although the trade is import and export are thus seen as source of Economic growth in Somali.

The Economics is the study of choice under conditions of scarcity so the Scarcity situation in which the amount of something available is insufficient to satisfy the desire for it, The problem for society is a scarcity of the resources, Scarcity of Labor, Time human beings spend producing goods and services. Scarcity of Capital is something produced that is long-lasting, and used to make other things that we value Human capital of that scarcity of land/natural resources
Physical space on which production occurs, and a natural resources that come with it
Scarcity of entrepreneurships is ability and willingness to combine the other resources into a productive enterprise.

As a society our resources—labor, Capital, and land—are insufficient to produce all the services and goodsI might desire. In other words, society faces a scarcity of resources. macroeconomic: the Macro comes from Greek word, makros, meaning “large”. Macroeconomics is the study of the economy as the whole Focuses on big picture and ignores fine details and I describe the Macroeconomics is the study of the performance of the national economy and the global economy.

Microeconomics the Micro from Greek word Mikros Meaning "Small" Microeconomics is the study of the select that individuals and businesses make, the way these select interact in markets and the effect of the governments. Microeconomics is concerned with the behavior of individual actors on the eco-nomic scene—households, business firms, governments and frms . It looks at the selection they make and how they interact with each other when they come together to trade specific services and goods. Economic growth is an increase the Real GDP(goods and services) of a nation over a period of time, which means an increase output of a Country in one period of the time to another period of time.

the Main factors determine economic growth is Export and import and also resources of the Country, if National demand arises the GDP increase so Economic growth is arises, and also if National supply increase the output is arises so the Economic growth is increase. Economic development refers to progress of social well-being of a country, which include improved living standard of the people, School, Hospitals and infrastructural change in the country

Cite This Article As: Abdisalan Ahmed Hussein Fidow. "The Concept of Economics." International Youth Journal, 13. August 2018.

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