Economics is both a Social Science and Lifestyle discipline that requires critical judgment on how to maximize the purpose of resources and one’s fulfillment yet considers sustainability and ecological balance.

While countries seek to diversify the usage of scarce resources, comparative advantage theory or specializing in something that a place/country is strong at, creates economic opportunities both locally and internationally.

‘What to produce?’ allows us to examine the necessities in particular areas. While ‘How to Produce?’ challenges us to employ techniques, whether labor or capital, that could best provide commodities.

‘For whom to produce?” deals with efficient allocation and distribution of resources to consumers without considering their resources such as income. While ‘How much to produce’ or ‘How efficiently are the resources being utilized?’ responds to the needs of the present generation, letting the future decide for itself.

Commodities amid the pandemic such as alcohol and face masks are in extreme demand as perceived essential is a case encapsulated in Neoclassical Economics. Under the same theory, consumers have critical roles in which route would the economy go.

As countries undergo economic crisis, the government must use tools like monetary policy to regulate taxation and its use like deficit spending. Moreover, expenditures from all private enterprises reach its preponderant peak and progress as they take advantage of investing amid such a crisis. The two scenarios are well-embraced in Keynesian Economics.

Such revolutionary economic thought like the Marxian theory provides an idea that laborers’ value should be equated with the period they have allotted and rendered both for the commodity and service. This also means that governments and private entities actively participate in eradicating exploitations in the realm of the Marxian theory

Traditional economy encompasses the preservation of ancestral domains, local heritage, and collective culture. Given the single unit of identity, innovations are efficiently implemented and introduced within the system.

Market economy adheres to the capitalist notion of maximizing all production and consumption capabilities. Through the free-trade and laissez-faire, quality through competition is achieved.