Why Do You Think It Is Important to Study Economics?

Course Description Principles of Macroeconomics deals with consumers as a whole, producers as a whole, the effects of government spending and taxation policies, and the effects of the monetary policy carried out by the Federal Reserve Bank. Macroeconomics is concerned with unemployment, inflation, and the business cycle. Text Required: Macroeconomics, Roger A. Arnold, 7th Edition, 2005 Recommended: Macroeconomics Study Guide, Roger A. Arnold, 7th

Todd G. Buchholz defines economics as the study of choice. Economists examine the consequences of the choices people make. The creation and evolution of economics over centuries came from the ideas of four economists: Adam Smith, Thomas Malthus, David Ricardo, John Stuart Mill, Karl Marx, Alfred Marshall and John Maynard Keynes. These well respected economists help the theory of economics grow and become what it is today.

The study and application of macroeconomics influences the well-being of a nation by achieving high rates of material production and by keeping track of how much of something is being consumed. The United States is one of the wealthiest countries in the globe, making the government powerful. Government intervention in the Untied States is an important factor that keeps the economy running. Enough power to control the business cycle keeps money circulating the nation. The business cycle includes economic downturns, classified as recessions, expansions, business-cycle peaks and troughs. A good government is essential for the economy to run smoothly. There are three main macroeconomic variables in the nation that the government focuses on, Gross Domestic Product (GDP), unemployment rate, and inflation rate.

DUE: By Friday February 28, 2:00 PM. Completed assignments should be placed in the slot marked for

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

11.Macroeconomics is best described as the study of A) very large issues.B) the choices made by individual households, firms, and governments.C) the nation's economy as a whole.D) the relationship between inflation and wage inequality.Points Earned: 0.4/0.4Correct Answer(s): C

Macroeconomics is the field of economics that studies the behavior of the economy as a whole not certain parts. Gross National Product (GDP) the economy’s total output; how it is affected by changes in unemployment, national income, rate of growth, and price levels. Macroeconomics encompasses an increase or a decrease in net exports would affect a nation 's capital account. Government’s role in macroeconomics is to keep the economy in equilibrium; taxes and government spending augment the balance to achieve equilibrium in the economy

In understanding economics first summarize what is economics. No universally definition of economics. Although it defined as the study of how individuals and groups make decisions with limited resources, coordinate their wants and desires, given the decision mechanisms, social custom, and political realities of the society. Economic are operative in aspect of lives, market forces of goods sold in a market but supply and demand also used to analyzes situation in which economic forces operate. In addition to the study of

The three chapters that we studied this week highlighted many important principles in the study of Economics. One of those concepts is the

However, microeconomics and macroeconomics are interdependent and complement each other. Because of the ultimate relationship that these factors have on each other, what happens in one ends up affecting the other and vise versa. Macroeconomics study changes that affect such things as unemployment, national

This course provides students with the basic theories, concepts, terminology, and uses of macroeconomics. Students learn practical applications for macroeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual

I disagree with the following assertion because it does not add up with what microeconomics and macroeconomics actually does. Microeconomics, while it is concerned with why things happen in a specific place, it does not deal with the unemployment rate, that is macroeconomics. Macroeconomics does deal with the economy in the country as a whole, but it does not deal with the dealing how the rate of teenage smoking would be affected by increasing taxes on cigarettes. Dealing with the way a change in prices affects the buying and selling of that product is microeconomics.

In the modern economic system presented in the world today, microeconomics, and the study of such, is a vital part of the budding economic scholar. In most circumstances, microeconomics is based on the cumulative study of how individuals and firms, or a combination of the two, make decisions regarding the allocation of resources, typically in markets where goods and services are bought and sold. This allocation, or optimization of limited funds through distribution, usually follows 2 standardized theories: the Consumer and Producer. Consumers usually choose to maximize their available preference in the market, with a limited income value or time aspect. This is evident in the world economy, with consumers always being fiscally motivated

The Economy is the backbone to society. There are many factors that operate in, and govern our society’s economical structure. Factors such as scarcity and choice, opportunity cost, marginal analysis, microeconomics, macroeconomics, factors of production, production possibilities, law of increasing opportunity cost, economic systems, circular flow model, money, and economic costs and profits all contribute to what is known as the economy. These properties as well as a few others, work together to influence the economy. Microeconomics and Macroeconomics are two major components. Both of these are broken down into several different components that dictate societal norms and views.

Many people think that economics is about money. Well, to some extent this is true. Economics has a lot to do with money: with how much money people are paid; how much they spend: what it costs to buy various items; how much money firms earn; how much money there is in total in the economy. But despite the large number of areas in which our lives are concerned with money, economics is more than just the study of money.