Economics

An overview of the study of economics.
2002, 646 words, 0 source(s).

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1 The study of economics is helpful in several ways . Some of these I will comment on . First of all , technology levels affect a societies economy , so by learning what products are produced and how they are produced , you can see how technologically advanced a society is . By examining where the produced goods are sent/used you can get a better idea of what type of government the society is run by . By studying an economy and seeing how the economy uses resources , you can learn what resources the society controls and which ones the society needs . Tied in with this factor of resources you can get an idea of which countries have leverage over other countries . 2 An economist how a society or government meets the needs and wants of the populace , either through production or commerce . Economists see the world as a) profitable b) unprofitable c) and they see opportunity costs . By viewing the world in such a manner they are able to help in the decision making involved with money and industry . They can help to save money , resources , labor, and time . 3 Microeconomics is the study of an overall economy . In studying microeconomics you study a wider range of services , productions , exchanges . While not as discriminate as macroeconomics , you can get a broader picture and grasp the basic concepts of an economy . Macroeconomics studies the study a single aspect of an economy , lets say the mining of coal . You don't research the delivery , the 'market' ; all you study is the actual mining process . While this may be more limited in scale , you can learn more about that specific process . You don't see the whole picture but you can find the specifics on that subject . 4 Personally I don't think that the physiocrats theory would work . I think that if we tried to follow there theory and have the government abstain from interference , many of the smaller businesses would quickly be closed down . I think that a great many monopolies would be created and we would have the 'railroad barons' problem that we had in the 20th century . I feel that the government is hindering at many times , and still they seem to be helpful in some areas . 5 The business that I chose to depict was the custodial division at Chico State University . Both of my parents work there so I chose this area of business . The factors of production pertaining to this field of work would include people/labor , cleaning liquids ( such as disinfectants and Windex ) , and dirty rooms (joke) . For the land I would have to put down electricity , water , large amount of goods manufactured using plastics which in turn uses oil . As for the capital of the business I will say that the cleaning machines , and large supplies of cleaning materials would fill this category . The entrepreneurship of the custodial business is the tricky part . I guess that you could say that the custodians risk there social lives ( because they work graveyard shifts ) in exchange for making a decent salary . As in the case of my parents , it paid off . 6 The way that I see it , our largest problem has to do with the natural resources . People will always want and need things , but if we do not limit and reserve the resources that we have , we are not always going to have our resources . Demands cannot be met when there is nothing to meet them with . You can't artificially make everything . You need to start somewhere .