Economy And Its Effect On Society Essay examples

Economy And Its Effect On Society Essay examples

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The economy plays a vital role in our society, but many people do not pay much attention to it. People do not want to take the time to learn about the economy, but I do. The definition of economy is "the sum of all transactions that take place within a certain area, during a certain time" (Morgan Spurlock, We the Economy). The economy began around 40,000 years ago and through the years the economy has changed constantly.
The first economy created was the free market system. Since money was not invented for quite a while, in this system you would trade, this continuous exchange of money, goods or services was referred to as the market cycle. However, trading with only a few people was not enough. Thus, the marketplace was invented. People with special skills like hunting, spear making, clothes making, etc. were able to trades their good with a vast amount of people. As those with specialized skills grew and aimed to perfect their skills, they created business that eventually lead into industries. Now with some people gaining an abundance of wealth through their specialized skills, competition arises and there is no longer a monopoly on many specialized skills. People begin to try and out do the original creations: they make it bigger, better and more creative. So, the original businesses that had a monopoly on specialized skills go out of business. When the original businesses decline in customers the law of supply and demand come into play.
The law of supply and demand runs the economy. If an item is in demand, the item is priced low to sell quickly. However, as the item gains more popularity and demand the owners can jack up the price of the time because it is the new 'must have ' item. However, one store is bound to run out ...

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...that is productive. "Well natural capital is a set of natural resources that are not only nice to look at and have around, but they are also productive in that they help make things that we use every day" (Beggs, We the Economy). For example, bees. They help produce around 8% of our total agricultural output or put into monetary value around $190 billion dollars. They do this without expecting anything in return. All that food produced, is what we survive off of and bees did it for free. Without nature, our economy would fall, but many people do not recognize its importance.
Learning about the economy is essential. Without this knowledge, you will not be educated and will not be able to help your economy thrive. What we do everyday like buy something has a great impact on the economy. By buying a product you aided the law of supply and demand and increased our GDP.

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