Economics

By Kirti Yadav

How we produce , distribute, and consume;

First comes the principles of scarcity “SUPPLY AND DEMAND“,

Prices rise when demand exceeds supply,

When supply is higher than demand, then the price should fall ,

If demand is same and supply increases, you have a surplus,

If demand is same and supply goes down , you have a scarcity,

“EQUILIBRIUM” is when” SUPPLY and DEMAND “are equal with each other;

The circular flow model is wages paid to workers and sales is how the producers are paid,

You may think Economics is on a bridge too rickety,

Until you have read the work of Dr. Thomas Piketty,

It takes no electronics to study Economics;

Its cooler than Peatronix to study Economics;

Now, Gross Domestic Product or for short GDP,

An indicator that will fall and climb;

It’s the total value of goods and services produced in a certain period in time,

Lots of competition in a “MARKET ECONOMY”;

So, we think its complicated,

But these economies are all related.

By Kirti Yadav