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Economic is a social science about the
production, manufacturing, distribution and consumption of products and services.
It is the study of the choice of allocation resources to be able to gain satisfactorily want and need
of the individuals, business firms, nations and their concerning governments
how to organize these groups and coordinate to gain maximum output. It is
concerning with how to manage the incomes and expenditures as well as economic
biology just like the contentment of the material needs of the people. Every
economic system may encounter three core areas of concern; the first area of
concern is which product will be produce in which amount. The second one is
what kind of technology which will be used to produce. The last area of concern
is who is intended to use these products. According to these three core areas
of concern it is necessary to know consumption and production.Comsumption is
the final purchase of products, services and individual .Consumption can also be stated as destruction
of utility: Production is the fusion of the resources like human, land, me
chance and immaterial statements such as planning. One of the
fundamental economic problems is Scarcity. It can be described as the   unlimited wants and need of the human beings
in the universe who want to get highest satisfaction over limited scarce
resources. If one want is satisfied,
another want crops up. For example one of the traditional herbal remedies is becoming
endangered because of the reports that plants cure the patients with AIDS the
demand of this plant is highest and this pant is over-havrvested.When economics
is studied, making decision between cost and benefit. Marginal benefit is the
most pleasant satification that can be gained from consuming the supplementary
unit of a product and service.  Marginal
cost is the alternation of the opportunity cost that happens when the produced
amount is enhanced by one unit or more. It can be defined as the up or down of
the produced cost relying on the production level. Marginal benefit is the most
pleasant.stisfaction that can be gained from consuming the supplementary unit
of a product and services. When marginal cost is greater than marginal benefit,
economics can increase net benefit by decreasing the activity. Otherwise
marginal benefit is greater than marginal cost; most of the resources cannot be
made more. Political economics cannot be left to know about economics in a
whole. Political
economy is the study
of  trade and 
manufacturing ,their concerning laws, rules and regulations ,custom, government and
the distribution of  income and property of the nation. It
also studies in which way a country or a household is controlled or managed by
recognizing the political and economic sectors.


theory is divided into two parts: microeconomics and macroeconomics.

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Macro Economics is a branch of economics
that concern with the study of structure, decision making, behavior and
performance of an economy as a
whole. It includes regional, national and global economies. It observe aggregated
indicators like price index, nation income, aggregate demand, aggregate supply,
general level of prices, savings and investment, GDP, total consumption and unemployed
rate as well as interrelated factor of the whole economy. The four major
objective of macro economics are full employment, price stability, sustainable
growth and keep the balance of payments in equilibrium. Positive macroeconomic factors generally suggest events
that lead to prosperity within a nation or multiple nations. For example, if
the price of rice decreases consumer can surely spend on other product and
services more. Negative macroeconomic factors that deal with the events that
can affect or decrease a national or international economy. It there is a civil
war or a riot or instability of the political system, the economic system of
the concerning country may put in jeopardy.

Micro Economic is a branch of economics that concern with
the study of the characteristics and behaviors of a person or a firm while
making decision to allocate the scarce resources and the interaction among each
person or each firm. Microeconomics
describes how individuals try to get more efficient or more productive
decisions and how individuals create best coordinate and cooperate with one
another. The main objective is to evaluate how the market use to rely on the
reasonable prices among producat.Micro-economics helps in the formulation
of economic policies calculated to promote efficiency in production and the
welfare of the masses.

  There are three type of Economics system.

– In planning
economics, Government is the decision maker and making control for all
functions of the whole economy. Government decide what goods must produce and
how much of each good produce will produce and how allocate to people. Some of the advantages are government
don’t allow monopolizing, wastful competition is avoided and can guarantee for economic
security, no industrial unrest because the government define and
controls wages. Some of the disadvantages are less choice for consumer, lack of
incentive for worker, less innovation and many officials to much paper work and
too much procedure.

In Market economic, the government include little role if any role in the econmy.Production,
distribution and investment are depend on supply and demand. The main goal is
to get the maximum profit. But pure market economics cannot be existed at any country.
Some of the advantages are less shortage, more choice for various goods and service,
base on win- win situation, tend to competitiveness. Some of disadvantages are less
government intervention so price can be high, monopoly is allowed so the few
rich get richer and the many poor get poorer.

mixed economy is described as an
economic system including of a mixture of either markets and economic planning,
public ownership and private ownership,
or markets and economic interventionism.Gneral advantage of mixed economics
is , both government and private sector can run continuously so the economics
will develop more quickly, but government can control at major economic sectors,
this can be defined as disadvantages.

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