An Introduction to Economic Trends

Economics as a subject of study is very popular across the world and also in Singapore, which is the reason so many students are lining up to get good quality econs tuition Singapore. But economics can’t be confined just to our textbooks and classrooms. Every activity we indulge in during our daily lives has either an explanation from or an impact on (and usually both) economics. One of the very common terms used by economists as well as laypersons is economic trend. Students are taught about economic trends by their jc economics tutor, while political commentators, media persons, or even the man on the street are also quick to label any new development as an economic trend.

To understand it, we need to first be clear about what an economy is. It refers to the sum total of all the activities in a particular geography which results in generation of revenue. Shops, factories, companies paying salaries, buses transporting people, all of these are elements constituting an economy. And each of the activities inside that economy which generate revenue are called economic activity. An economy is usually referred to in the context of a specific geographic region, like a city, province or country. The most common region for which an economy is talked about is a country, so we have the economy of USA or the Brazilian economy etc.

A trend, in the word meaning of the term, means a pattern of events. So if there has been rain for the first 3 days of a week, we say there is a trend of rainfall this week. Coming to economic indicators, let us say the price of the Euro vs. the Dollar is plotted on the 3^rd of every month for the last 6 months. The pattern of those 6 values of the conversion rate would be called the trend. So, depending on what the numbers are, we would say that the trend for the past six months has been of the Euro falling against the dollar.

Any good quality A level Economics tuition Singapore would teach us about certain parameters of economic trends, like unemployment, gross domestic product, rate of inflation etc.