Eco 365 Week 1

In: Business and Management

Submitted By qkid24
Words 2157
Pages 9
Economics Paper
University of Phoenix
ECO365
May 6, 2013

Economics is a tool that we use in our daily lives even if we don’t always realize it. As people we all have things that we want, and things that we need. This includes things like food, clothing, and shelter, but it is not limited to those things. In order to get those things, people have to spend money. The issue is that everything that people need and want costs money. More often than not, people do not have the money to do both so they have to decide which things are important for them to have right now. This does not only apply to families, but businesses as well. This paper will address different types of economics and some of the factors that contribute to its changes. Economics is “a social science that studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy unlimited wants.” Economics is broken down into microeconomics and macroeconomics. Microeconomics analyzes how firms and households make decisions about how they should spend their money respectively. Microeconomics focuses on a smaller scale, hence the prefix micro-. It looks at the basic economic theory of supply and demand which tells businesses how much of a certain product they should produce, and how much they should be charging for it. Macroeconomics on the other hand studies the whole economy which includes things like unemployment rate, national income, rate of growth, gross domestic product, inflation, and price levels. There are also two main schools of thought in economics. The first is classical, and they thought that when there was a problem that the solution should be aimed to fix it in the long run. Keynesian economists thought that solutions should be geared towards fixing them in the short run. Classical economics also believes in the theory of the invisible hand.…...

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...(WEB) Retrieved from: http://www.investopedia.com/terms/l/lawofdemand.asp Economic times (2015).Law of supply. (WEB) Retrieved from: http://economictimes.indiatimes.com/definition/law-of-supply Economic Online(2015).Price elasticity of demand (WEB) Retrieved from: http://www.economicsonline.co.uk/Competitive_markets/Price_elasticity_of_demand.html Investopedia (2015). Macroeconoics. (Web) Retrieved from: http://www.investopedia.com/terms/m/macroeconomics.asp Business Dictionary (2015). Microeconomics. (web) Retrieved from: http://www.businessdictionary.com/definition/microeconomics.html Economics Help (2015).Examples of elasticity. (web) Retrieved from: http://www.economicshelp.org/blog/7019/economics/examples-of-elasticity/ ECO/365...

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