Explain The Nature Of Economics

A corporate business enterprise is established under a specific legal framework where laws governing the operations and functioning of the enterprise are outlined. The activities of the enterprise are monitored and therefore such an enterprise is recognized by law. This is important due to the fact that legal suits can be filed by the enterprise within the provisions of the law.

All societies for one reason or another face economic problem. The economic problem exists because the needs and wants of people are essentially endless; however the resources available to satisfy

If I chose to get a job after high school I would have more money than if I went to

Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. Economics can even be used a few different ways. They are the study of scarcity, the study of how people use resources, or the study of decision-making. One of the central tenets of economics is that people want certain things and will change their behavior to get those things according to American Economic Association. The economic study ranges from the very small to the very large. Much of economics involves the use of data gathered by governments, businesses, or in the laboratory to test the hypotheses about whether a certain program, event, or incentive will have the expected effect. Our nation is affected by economics in the way that you work, spend money, eat, simply just how you live on a regular

1.Economics is best defined as the study of A) financial decision-making.B) how consumers make purchasing decisions.C) choices made by people faced with scarcity.D) inflation, unemployment, and economic growth.Points Earned: 0.4/0.4Correct Answer(s): C

Most people today consider Economics to be a hard subject to grasp because of the elaborate terms and descriptions, however Evie Adomait's book turns a hard subject into a less complex compilation of topics into a cocktail party setting. After reading the book I know realize a little help in understanding economics can go a long way in assisting you in understanding the world, we live in. As I read the book I am able to get a better understanding of the economy and how it plays a role with the rest of the world. As I build my knowledge on the economy through Cocktail Party Economics I find the subject scarcity to be an interesting topic. I believe scarcity is a problem faced by every economy system in the world. Scarcity is a problem of fulfilling our needs and wants with limited resources level. Without scarcity there would be no economic problem because everyone could have as much as everything as they want. Fundamentally scarcity is a relative term rather than an absolute one. A real-life example of scarcity, would be the depletion of coal since there is a limited amount available to mine, therefore this causes a greater demand for coal and causes the price of coal

a. how choices are made under conditions of scarcity. b. how money is used. c. how goods and services are produced. d. how businesses maximize profits.

Economics is defined as “the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of society” (Colander, D.C., 2010). In other words, economics focuses mainly on three aspects and those are: what are we going to produce, and how much of it are we going to produce, in what way are we going to

This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 1 through 5. Answer each question clearly and concisely.

The basic economic problem refers to a situation where human wants are unlimited while human resources are finite; it is the economic problem of scarcity of resources. At any one particular time, the resources of the earth are capable of producing a limited number of goods and services, however, human wants exceed limited production possibilities and this gives rise to what is known as the economic problem of scarcity.

A market failure is when there are not enough resources that are inefficiently allocated due to imperfections in the market mechanism. When a resource is inefficient it means the resources are not used in the best distribution by firms or organizations. An ETS is executed when the environment has been polluted and the government intervenes in order to control the pollution by providing economic encouragements towards the firms and organizations to reduce the amount of pollution emitted in the environment (Brown* 2001). When ETS is implemented it reduces the pollution of the environment caused by different firms thus making it its main goal. The type of market failure the ETS is addressing is the negative externalities.

Earlier I stated that economics is concerned with consumption and production. We can look at it in the terms of demand and supply. It is simply the quantity of a good buyers wish to purchase at each conceivable price. Three factors determine demand:

imagine living in a world in which there are infinite amounts of goods and resources to satisfy every human desire. People will not find need to budget their limited incomes, businesses will not worry about the cost of labor, and governments will not have reason to tax its citizens, or give importance to environmental issues. People living in this society will be equal to one another and everything would be free, like water in the ocean and sand in the desert. All prices would be zero and society will not find need for markets or financial institutions. Unfortunately we do not live in a utopia of limitless possibilities; we live in a scarce world of unlimited wants. Given unlimited wants, we must make the best use of our limited resources, a science our ancestors have developed and named economics. This study measures how societies use scarce resources to produce valuable commodities and distribute them efficiently among different people.

Some of the most compelling topics that I learned in this topic only came into focus at the end of the course. Economics is a very large and complex study and reflecting on this subject, piece by piece, requires some patience and ability to put the pieces together. The relationships between simple choices, such as supply and demand, drives all economic and commercial exchange but only through the lens of economic models that attempt to layout this system by combing mathematical principles and psycho-social evaluation. All in all, this was very interesting introduction to some of the complex drivers that propel society.

Economics plays a crucial part to understand the world in which we live and work. It helps us to understands how we are saving, buying, selling, not working, working, when to do and when not to do things. It shows us how and why things in which we live by are affecting our ways of living in this world around us. Economics is an ever-present and inherent part of our lives. The changes in micro and macro economics are causing an impact on various industries and markets. For instance, there are two primary factors that impacts the price of oil are demand (which is willingness and desire of a consumer to pay a price for goods and services) & supply which is (amount of a product that firms and producers are willing to sell at given price) Hubbard.et al: 2014, 120-148) of the oil and market segment of fuel stations.