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Scope of Engineering Economics
The horizon of economics is gradually expanding. It does not have to deal with only production and consumption. However, the basic target is to maximize the utilization of the available resources for maximum welfare of the society. Following are the widened scope of economics:
(1) Development economics
After the Second World War, many countries got freedom from the colonial rule. Their economics required different reformation for development and hence the branch of development economics was evolved.
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(2) Microeconomics
It is the branch of economics which studies the economic behaviour of the individual unit, may be a person, a particular household, or a particular firm. It is a study of one particular unit rather than all the units combined together.
(3) Macroeconomics
It is the branch of economics which studies the economic behaviour of not only one particular unit, but of all the units combined together. It aggregates all and study as a single unit. So, it is also called as aggregative economics'.
(4) International economics
Due to globalization, every country is trading with other countries. The boundaries of Economics has been expanded and it is known as international economics.
(5) Environmental economics
Unchecked emphasis on economic growth without considering its effect on natural resources and ecological balance is impossible. Now, economic growth is facing a new challenge from the environmental side.
Therefore, Environmental economics has emerged as one of the major branches of economics that is considered significant for sustainable development.
(6) Urban and rural economics
Location plays critical for economic attainments. There is also much debate on urban-rural divide. Therefore, economists have realized that there should be specific focus on urban areas and rural areas. Therefore, there is expansion if branches like urban economics and rural economics.
Above types of economics are few economics but it has wide scope of growth, which deals with energy economics, transportation economics, labor economics, and many more. So, it can be concluded that economics has very wide scope in the society.
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