Economics is a science that deals
with the production, distribution, exchange and consumption of various goods
and services within a particular country. Individuals, groups of people,
business concerns or by governments, carry on these activities. The study
of economics is aimed at enabling such individuals to carry out
activities related to goods and services in such a manner that optimum benefit
is obtained from the activity.
Its realm encompasses a study of
production processes, distribution processes, consumption patterns and human
behaviour during all these processes. The aim is to devise the most effective
way of functioning, taking all relevant factors into consideration. Different
countries have different ways of functioning; therefore the economy may
accordingly be capitalistic, communist or socialist. The economists of a
country function as per the guidelines of the economic system prevailing in that
country. They research and monitor demand and supply, exchange rates, business
trends, taxation, employment rates, inflation, and costs of materials and based
on this they try to find trends and develop predictions. Further, globalization
and consequent merging of world economy has widened the career prospects of
economics student in business, education, government, and the non-profit
sector.