What Is Economics

What is EconomicsEconomics is the study of the conditions to a lower place which wealth is created divided among quite a little , and apply . In this sense wealth means any good for which people will pay currency , trade some(prenominal) different commodity , or perform some portion . Wealth may , of course , be cash , but it may to a fault be an automobile or a diamond ring , a farm or a theater ticket . An economic system has as its adjudicate the satisfying of people s needs and destinys commodities and servicesEconomics is closely related to such(prenominal) subjects as political science br philosophy , legality , and commerce . Elementary courses in political economy are taught in some high schools , but for the most part economics is taught in colleges and universities Balug , M (2001 . Professional economists are employed by the government to help decided policies regarding crinkle , labor , money , and taxation by private industry to study business conditions and trends and by educational institutions to teach and do researchEconomics , like other social sciences , is not an exact science , for individual persons (unlike chemicals , for fount ) brush offnot be depended upon al slipway to do the same thing under the same conditions . Economists have observed , however , that when the actions of a group are studied under the given conditions , certain conclusions can be drawn that are true most of the cartridge clip Heilbroner , R .L (2003 . These conclusions are called laws .

An example is the law of supply and petition , which is used to explain increases or decreases in pricesEconomics help people understand the ups and downs of business . Such matters as booms and slumps , employment and unemployment , rising prices and deflation , and price increases and decreases are described by economics By studying how these come about , economists try to find ways to prevent undesirable conditions , such as depressions . Economics also deals with the related problems of foreign trade , taxation , money , and banking Friedman , M (1999ReferencesBalug , M (2001 . Great Economists Since Keynes (Barnes Noble , 1999Friedman , M (1999 . Bright promises , no-count Performance : an Economist s protests (Harcourt Brace Jovanovich , 1993Heilbroner , R .L (2003 . Economics Explained (Prentice-Hall , 1992PAGEPAGE 2...If you want to get a full essay, order it on our website: Orderessay

If you want to get a full essay, wisit our page: write my essay .