The Key Concepts in Economics

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Assignment 1: The Key Concepts in Economics
Markisha Dill
William Creamer
Principle Of Economics
May 31, 2015

Before sitting down to complete this assignment, I thought thoroughly about economics as a whole. My interest was whether economics was considered an exact since, i.e. Mathematics. Economics has been described as a science, numerous times. So in my search to find out whether economics was a science, I looked at an online dictionary to see how these words were defined. First I looked at economics. The definition stated, “Economics is a social science concerned chiefly with description and analysis of the production, distribution and consumption of services and goods. Then I looked for the word “science”. Science was
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It calls for adjustment to meet demand. k. Supply shocks: External events that shift the aggregate supply curve l. Stagflation: a decrease in real output with increasing prices. 3. Dross Domestic Product (GDP): The sum of the market value of all goods and services produced in a particular country. 4. Growth Rate: an estimate of the growth of the GDP based on a persons projected yearly increase in income.
When thinking of the information that was highlighted under supply and demand there was one concept that caught my attention. Consumption function immediately made me think of Jordan products. The income base of the majority of his customers is low. However, the demand for consistent and exclusive product is high in the low socio-economic groups. This is a concept Jordan understands, however despite his understanding, he continues to market with that consumer in mind. There should be a certain responsibility to the consumer. I now have a clear understanding of this section of the lesson. In addition, I do agree with the article. However, I do not believe economics is a subject that you can agree or disagree with. As I stated prior, it is not an exact science. Although there are definitions for many functions of economics, ultimately it will continue to have variances.


DeArdilla, Juala. The 10 Things In Economics That Everybody Should Know.
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