Economics : Economics And Micro Economics

1238 Words Dec 15th, 2015 5 Pages
Economics is the study of how our unlimited demand of certain things can be met by our limited amount of supply. For instance, if there was an unlimited amount of money for everyone, then everyone would have everything they had always wanted and would not have to work to get the money. Everyone would have billion dollar homes and the nicest cars in the world. Unfortunately, we do have a limited amount of money, so the economists find ways to get around that.
There are two types of economics, there is macro-economics and micro-economics. Macro-economics studies the economy as a whole, while micro-economics studies the smaller aspects of the economy. In the automotive world, the macro-economics part would evaluate how automobiles are selling, and micro-economics would evaluate how each vehicle is selling. Macro would see how a jump in gasoline prices would effect the economy, but micro would see how it would effect the consumers in general.
Economics is very important to all of us for many reasons. One reason is because unfortunately we don 't all have all the money in the world, so we have to learn how to deal with what we do have. Another reason is because all of us have an unlimited amount of wants, but do not have the resources to take care of those wants. We all have to work to cope with the fact that we do not have an unlimited amount of resources. The combination of the two problems is what makes up our economic system.
Economics plays a great role in my…
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