Economics : A Study And Understanding Of The Economy Essay

Economics : A Study And Understanding Of The Economy Essay

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Economics is the study and understanding of the economy such as the governmental system, money marketing, trades such as production and financial market. The traditional economic system is based on customs, beliefs, and ways that people have been doing things for century’s. when the government has control over the aspect over the production and makes all the decisions and ways to control the economy. With the market of the economic system an individual owns the production and they will make economic decisions through free communications and this will keep the government from interfering in their production. When you are dealing with economics you have to devise a theory, collect the data for the information you will be using, analyze the data so they can be verified or refuted to support the theory. You always have to test your theory in the way of how the world works and this is in the form of scientific methods. There is no laboratory in economic the theory is based on past history experiences. There are many assumptions in economics it just has to be made easier to understand in ...

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