So, what is Economics? There is no a accepted reply to the question "What is economics?" Some one say that it is the study of the operation, distribution, production and consumption of asset in human society. It is also the study of how individuals and groups make decisions with finite resources as to best fulfill their wants, and needs.
Economics is trade-offs and everybody faces trade-offs. What is trade-off briefly? It is when people want to get something that they like, they have to give up something else they want. For example, a student wanted to graduate earlier from college, then he has to give up his time to entertain, time to work and etc. So he would have more time to concentrate to study. This is a kind of economics as well.
What are the benefit of economics? Some people might think many of other countries are competitors with another in the world economy. It is true because American and other countries firms produce many of the same goods. Benz and BMW have same level of purchaser in the market for automobiles. Microsoft and Sony compete for the same...
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Economics is the study and understanding of the economy or the system of government and people that deals with money and financial things. Because the government officials did not understand my report about the economic reforms that are supposed to help stimulate the economy, I have decided to teach them about few concepts about the economy and how it works and how they can benefit from me and use these concepts to make wise and good decisions to stimulate the economy. The first thing I decided to teach the government officials about is economic freedom.... [tags: Economics]
844 words (2.4 pages)
- 1) The current recession is the longest since the Great Depression in the 1930's. We are still far from a recovery with unemployment at about 9.7% and weekly new jobless claims at 442,000+. In your view, are we about to grow out of the recession or will it continue. In addition to the unemployment data, support your positions with such economic indicators as: new housing starts, used home sales, GDP growth, etc. The current recession or financial crises began in United States of America and created a domino effect of creating instability in the financial markets the world over; the spark of this recession ignited fire around December 2007.... [tags: Economics ]
1023 words (2.9 pages)
- Introduction There have been discussions among scholars in developed countries regarding economics of information. Developed countries includes Australia, New Zealand, United States, Ireland, Germany, Japan, Canada and many more are countries that have a high level of development according to some criteria. The criterion is income per capita; countries with high gross domestic product (GDP) per capita would thus be described as developed countries. Another economic criterion is industrialization; countries in which the tertiary and quaternary sectors of industry dominate would thus be described as developed.... [tags: Economics ]
1078 words (3.1 pages)
- Buying a new home can either be an exciting experience in someones life, or can be a major heache with serious consequences. I was fortunate enough to get a house the a VA loan, and the process was somewhat more simple, because I did not have to do the majority of tasks by myself. I advise all of my friends and family, or whomever wants to purchase a home to consider many factors before making that decsions. Principles of economics plays a vital role in the decision making process when wanting to purchase a home.... [tags: Economics]
1782 words (5.1 pages)
- The demand curve is likely to change upwards or rise as a result of changes in a number of factors. One, if there is a move up in the price of an alternative commodity, or decrease in price of the given commodity’s accompaniment. Two, if there is a rise in buyers’ income. Three, if the taste as well as preferencs of the consumers shifts in regard to the particular product or service under consideration. Four, when there is a decrease in the cost of borrowing. And finally, if there is an overall increase in the buyers’ trust accompanied with optimism for the particular product or service.... [tags: Economics]
931 words (2.7 pages)
- Causes of increase in equilibrium price Equilibrium price is the price at which the quantity demanded in the market by consumers balances with the quantity supplied in the market by the suppliers (Gillespie 2007). Apparently, there are a range of factors that determines a specific commodity’s supply and demand at the market place. Consequently, changes in these factors influences the shifts in the equilibrium price of that commodity (Sloman, 2007, p. 51-182). For instance, assuming the supply of a commodity is invariable, if there is a positive change in buyers’ income sources causing its increment or if tastes as well as preferences of the consumers shift in regard to the particular commod... [tags: Economics]
851 words (2.4 pages)
- Economics is an ever-changing field of study. Within that area of interest, there are many people who have influenced the world with their individual economic point of view. Some of those people have made a fundamental impact upon not only the United States of America, but also upon the world. Adam Smith, David Ricardo, John Maynard Keynes, Friedrich Von Hayek, Milton Friedman, and Fengbo Zhang are six men who have accomplished just that. Their opinions, actions, and words have forever changed the world of economics.... [tags: Economics]
1076 words (3.1 pages)
- Islam is a religion that was founded in the year 622 AD by the prophet Mohammed. Mohammed founded the religion in the city of Mecca, in what is now present day Saudi Arabia. The God of Islam is referred to as Allah, which means the one true god. The holy book of Islam is the Qu'ran, which is considered to be the words of Allah as revealed to Mohammed. Islam is an Arabic word that means to submit. A Muslim is a person who submits to Allah and follows the teachings of Islam (World Religions, 2003).... [tags: Economics]
1927 words (5.5 pages)
- It seems as though no one has ever succeeded in neatly defining the scope of economics. Merriam-Webster online dictionary defines economics as a social science concerned chiefly with description and analysis the production, distribution, and consumption of goods and services (merriam-webster.com, 2015). Roger Arnold, states in his book “Economics,” writes “Economics is about the choices people and societies have to make. He further states more succinctly, that economics is the science of scarcity.... [tags: Economics Essays]
621 words (1.8 pages)
- Definition of Topic: Economics is the study of supply and demand. It defines the ways that human beings allocate resources and how resources are distributed amongst a market. It allows you to see trends in current market places and predict what may happen in the future. Many different subjects were once regarded as a part of economics. Political science and even sociology were once considered part of the field. These subjects still play a major role in understanding economics but are also completely separate disciplines today.... [tags: Understanding Economics Essays]
1694 words (4.8 pages)