What Is Economics

What is EconomicsEconomics is the study of the conditions at a lower place which wealth is created divided among commonwealth , and apply . In this sense wealth means any commodity for which people will pay bills , trade round former(a) commodity , or perform some answer . Wealth may , of course , be cash , solely it may as well as be an automobile or a diamond ring , a farm or a theater ticket . An economic system has as its finding the satisfying of people s needs and pauperizations commodities and servicesEconomics is closely related to such(prenominal) subjects as political science br philosophy , equity , and commerce . Elementary courses in economic science are taught in some high schools , but for the most part economics is taught in colleges and universities Balug , M (2001 . Professional economists are employed by the government to help decided policies regarding avocation , labor , money , and taxation by private industry to study business conditions and trends and by educational institutions to teach and do researchEconomics , like other social sciences , is not an exact science , for individual persons (unlike chemicals , for deterrent example ) offernot be depended upon al ways to do the same thing under the same conditions . Economists have observed , however , that when the actions of a crowd are studied under the given conditions , certain conclusions can be drawn that are true most of the metre Heilbroner , R .L (2003 . These conclusions are called laws .

An example is the law of supply and pauperization , which is used to explain increases or decreases in pricesEconomics help people understand the ups and downs of business . Such matters as booms and slumps , employment and unemployment , swelling and deflation , and price increases and decreases are described by economics By studying how these come about , economists try to find ways to prevent undesirable conditions , such as depressions . Economics also deals with the related problems of foreign trade , taxation , money , and banking Friedman , M (1999ReferencesBalug , M (2001 . Great Economists Since Keynes (Barnes Noble , 1999Friedman , M (1999 . Bright promises , macabre Performance : an Economist s protests (Harcourt Brace Jovanovich , 1993Heilbroner , R .L (2003 . Economics Explained (Prentice-Hall , 1992PAGEPAGE 2...If you want to get a full essay, order it on our website: Ordercustompaper.com

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