Economics

The economic problem is simply the process of providing for the material well-

being of society.(Heilbroner) In my own words, I feel that the economic problem is

simply that there are to many jobs and to many people that are not qualified for the

“right” job that they can perform. This then leads to people who do not have the “right”

job for them to not work, because they feel that that is not the job for them. This could be

a huge problem that eventually leads to unemployment. Also as technology improves we

will no longer need people to do the job but machinery.

Tradition is particular rules that have been adapted to society. This is simply

being handed down the family business. There are advantages and disadvantages to this.

One advantage is that you are set in a business and really do not have to worry what you

are going to do when you get older. But on the other hand there is a disadvantage, being

handed down the family business, you are set in that business for basically life and and

there is a lack of progress. And progress is the origin of new goods and services.

When dealing with command there is always going to be someone who is in

charge, the one with all the power, the one who says you do this. Command and slavery

are tied together. Central authority can help economic progress. Markets are systems

that allows individuals to make their own decisions.

There are two dimensions of production and distribution. One being, to organize

a system to assure the production of enough goods and services for its own survival.

According to Robinson Cruso this means to be able to live are your own. By doing

everything by yourself as opposed to a society working together. And the second

dimension being, to arrange the distribution of the fruits of its production so that more

production can take place. I think that this basically means to spread the wealth so that