Introduction to economics by Bilal Mussa Bsc Econ.

I would like to begin with one of the very first few principles about Economics. At this very moment in time we see, read and hear in the news all about economics and how it is affecting the world around us. Be it in a manner which involves the banks, government debt or better yet our very own financial system. If the economy is running in a poor manner then our social welfare will deteriorate and vice versa.

Economics in my own words is a study of how one manages a household. It derives from the Greek language and quite coincidently they are not doing a good job of it!

I will post a few definitions for those who have little or no knowledge so that together we can all understand the news in a broader scale.

Inflation is the price increase over a period of time.

Unemployment rate is percentage of the amount of people who are willing to work but cannot find work.

Growth is the percentage the economy grows over a period of time. As we know the British economy grew by 0.2% since the last quarter.

I shall post more slowly.


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