The study of econonmics. An opinionated essay

Essay by HappiUniversity, Bachelor'sB, December 1997

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1 The study of economics is helpful in several ways . Some of these I

will comment on . First of all , technology levels affect a societies economy ,

so by learning what products are produced and how they are produced , you

can see how technologically advanced a society is . By examining where the

produced goods are sent/used you can get a better idea of what type of

government the society is run by . By studying an economy and seeing how

the economy uses resources , you can learn what resources the society

controls and which ones the society needs . Tied in with this factor of

resources you can get an idea of which countries have leverage over other

countries .

2 An economist how a society or government meets the needs and

wants of the populace , either through production or commerce .

Economists see the world as a) profitable b) unprofitable c) and they see

opportunity costs .

By viewing the world in such a manner they are able to

help in the decision making involved with money and industry . They can

help to save money , resources , labor, and time .

3 Microeconomics is the study of an overall economy . In studying

microeconomics you study a wider range of services , productions ,

exchanges . While not as discriminate as macroeconomics , you can get a

broader picture and grasp the basic concepts of an economy .

Macroeconomics studies the study a single aspect of an economy ,

lets say the mining of coal . You don't research the delivery , the 'market' ;

all you study is the actual mining process . While this may be more limited in

scale , you can learn more about that specific...