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What Is Economics

Essay by   •  April 13, 2011  •  Essay  •  511 Words (3 Pages)  •  1,927 Views

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Economics by definition is studying people, countries and societies on how they deal with a situation of scarcity. Scarcity is the main reason why economist exists. People are constantly demanding for resources to be available, and when those resources are not readily available economist study how people respond to the situation. Studies have shown when resources are not available trade-offs become associated with the choices the people, countries, and societies make.

Economics also focuses on the choices we make big or small. Some choices would be paying for college tuition or a down payment on a new home. Having more time with friends and family or make more money by working extra hours. This gives people a chance to see how to utilize our natural resources, employees, and the machinery. The trade-off aspect assists the goals were trying to achieve and to anticipate on the outcome.

What I hope to obtain from economics 220 is to learn how to apply economics in my daily life. I would like to learn how to utilize it in my professional and personal life. Also I would like to know how it plays a vital role in today's society. I expect this class to teach how economics can help a future entrepreneur make important decisions to start there own business, and how to determine where would be a prime location to place his business. How the entrepreneur can see future problems before they occur so they could be prepared in advance.

Economic forces by definition is "factors such as levels of employment, rate of inflation, rate of interest, demographic changes, and fiscal and monetary policies which determine the state of competitive environment in which a firm operates." An example of this would be the issue of gas polluting cars. Environmentalist will argue to the car and oil companies that there products are harmful and dangerous to the environment and to people. The outcome is that the automobile and gas companies are not focused on the effect they have towards the environment and to people so the cost of fixing the problem is not relevant to them, it would be considered as an external cost. The government came up with some ways to reduce the effect of car pollution by increasing the taxes on gasoline which causes gas prices to increase as well, which they hoped will change peoples driving times. The government also encourages companies to come up with energy efficient cars.

I believe this situation affects the economy as a whole. I feel this is so because there are a handful of people who want to help and save our environment and the well being of humans. Also the CEO of these companies wants the betterment of the environment but the financial aspect controls the situation. I think the problem will continue until there is a way for everyone to afford energy efficient cars and the automobile and gasoline companies to make the same amount of money like they are today. The economic situation that governed

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