What Economics Is/Isn't
Economics is not about money, but it does often involve the study of money supplies, spending, savings, business investment, and money flows. Never confuse Finance with Economics, despite the obvious overlaps. Good Economic Writers and Economic Writing and good Economics Tutors differentiate between such things.
Economics is just as much about proper time management, efficient material and product usage and distribution, statistical studies, labor allocation, manpower, project management, industrial relationships, and business practices as money and financing.
Tutoring Economics/Teaching Economics Right, Versus Accounting
In a great sense, to tutor Economics is to teach the theoretical and quantitative use of earthly resources. The study of the subject involves how things are done, and often how processes and allocations could be done better. Economists tell what has, should, and would happen, whereas accountants simply record what has happened. There is a huge difference in duties! Understand?
Economical Professors/Professionals, Economists, and Economics Tutors & Teachers have to live with their factually-based predictions - their reputations are based on their accuracy. Accountants are under no such scrutiny. Again, get it?
Problems Facing Economic Teachers/ Economic Tutors
The problem we face with economics is that the assumption must always be made that men/women and individuals/groups all act rationally. The truth is that they do in the long-run, but not always in the short-run. Human beings are emotional creatures, and the understanding of the effect of emotions upon Economics is never quite accurate, since emotions are so often irrational for periods of time.
Thus, about the only way to focus and ascertain what should happen is to specify the constant assumption of this or that happening with "all else being equal." In other words, we can isolate what variables do and how they affect and relate to each other - but, other outside circumstances may still change what seemingly "should" occur. (I know that is a lot to grasp, or at least sounds that way, but in truth it is not.)
As Economic writers, Economics Tutors, and Economists, we very often complicate things. The fact is, however, that everything in Economics boils down to some form of supply and demand in some market (such as Labor, products/services, financial/capital, energy, etc).
Economic Evaluations/ Economic Assumptions
All evaluations are made by voting with money in the markets themselves (as I said, the money itself is not our prime concern, but how it is spent and where and why and to whom). Generalities and patterns must be identified, and changes noted. Like Natural Science, every action has a reaction - but they are not always equal or opposite! Indeed, land, labor, capital, and technology rule lour lives to a much greater extent than we choose to acknowledge; but, we Economists choose to find out why.
The more we understand, the better we can make Economics and Business Economics real, as opposed to being an abstract guessing game. Relationships have to be understood and anticipated to establish better business practices on both the micro-economic and macro-economic levels. The more we know, the more we can Tutor Economics/Teach Economics and make others understand it - for the betterment of their undertakings.
~ Jimmy Hall of Jimmy Hall Writing Services/Atlanta (404-580-1501). Your comments and responses are welcome.
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