does economics attempt to study?
Answers
Answer:
in my opinion economy does not attempt to study talent does
In most respects, economics is a social sciences, alongside psychology and sociology than it is a "natural" sciences such as chemistry and biology. Economics (particularly microeconomics) is ultimately concerned with why, when and how human beings trade with each other. Different schools of thought have taken the field toward increasing levels of mathematical sophistication and model-based regression forecasting, but the building blocks continue to be human actors and their behaviors.
KEY TAKEAWAYS
Economic theory tries to understand human action as it relates to prices, markets, production, and consumption.
Mainstream economic theory rests on "laws" like supply and demand, and assumptions that include rational actors and efficient markets.
Behavioral economics and other strands of thought understand the emotional and cognitive underpinnings of economic behavior.
Supply & Demand
Consider the laws of supply and demand in economics. When placed on a microeconomic chart, it looks as though price is determined through a mechanical adjustment based on the quantity of a product and the number of buyers in the market. In reality, a price is the agreed-upon level at which a seller is willing to part with a good and the buyer is willing to assume it. Consumers have to compete with other consumers when bidding for a good. Producers have to compete with other producers for those consumers. It's the actions of individual actors that determine economic reality – not the other way around.
The field of economics attempts to understand the patterns of individual decisions within the context of a world that has scarce resources.