What Is Economics

What is EconomicsEconomics is the watch of the conditions nether which wealth is created divided among lot , and put on . In this sense wealth means any goodness for which people will pay capital , slyness nigh opposite commodity , or perform some dish up to . Wealth may , of course , be cash , that it may too be an automobile or a diamond ring , a farm or a theater ticket . An economic system has as its weigh the satisfying of people s needs and emergencys commodities and servicesEconomics is closely related to much(prenominal) subjects as political science br philosophy , practice of law , and commerce . Elementary courses in political economy ar taught in some high schools , but for the most ruin economics is taught in colleges and universities Balug , M (2001 . Professional economists are employed by the government to help decided policies regarding stock , restriction , money , and taxation by private industry to study business conditions and trends and by educational institutions to teach and do researchEconomics , ilk other social sciences , is not an exact science , for individualist persons (unlike chemicals , for ideal ) passelnot be depended upon al shipway to do the kindred thing under the same conditions . Economists have observed , heretofore , that when the actions of a stem are studied under the prone conditions , certain conclusions can be drawn that are authorized most of the cartridge clip Heilbroner , R .L (2003 . These conclusions are called laws . An drill is the law of supply and motive , which is used to explain increases or decreases in pricesEconomics help people understand the ups and downs of business . such(prenominal) matters as booms and slumps , employment and unemployment , lump and deflation , and price increases and decreases are expo sit by economics By studying how these come ! active , 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 fearful , 1999Friedman , M (1999 . Bright promises , down in the mouth surgical process : an Economist s protests (Harcourt Brace Jovanovich , 1993Heilbroner , R .L (2003 . Economics Explained (Prentice-Hall , 1992PAGEPAGE 2...If you want to derive a full essay, order it on our website: OrderEssay.net

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