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Economics Essay

986 words - 4 pages

1 "The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics."Thomas SowellBackgroundEconomics is the study and understanding of the economy or the system of government and people that deals with money and financial effects. Economists have traditional concerns, which are illustrated above. The concerns of economist are: Scarcity, Trades-Offs, Opportunity costs, Comparative Advantage, Specialization, and Exange.The traditional worry of economics is to increase an understanding of the processes that rule the production, distribution and consumption of goods and services in an exchange economy. An agent may have purposes or ends, such as reducing or protecting individuals from crime, on which he or she wants to spend resources. Economics may study how the agent determines the amount of resources to allocate for this purpose, aside from the traditional concern of economics. People pay a lot of attention about their economic freedom; therefore, the government needs to give the consumers or people some freedom. People want to their economic choices; their job or occupation, their possibilities rewarding their money, how and what to produce. Another significant notion that is constantly worrying the people is economic equity; people greatly value equality. Treating people fairly without discriminating between them is an important rule. Thus, discriminating on the basis of age, sex, race, religion, or disability is illegal. An example for economic equity would be minimal wage; the lowest legal wage that can be paid to a worker. Inflation affects people who are not very rich dramatically; therefore, people prefer to have price stability.ConceptsPrice stability is important because inflation can damage a lot of business and people, discouraging them to get in business and this lead the people to poverty and hating the government and doing riots and strikes. Inflation can also at the end result in increasing the percent of unemployment. A full employment is when most of the society or nearly all of it are employed or have jobs, people wish for this but it will never properly be implemented.Competition is the result of having freedom in an economic system. Competition is the opposite of the monopoly; competition is when the sellers struggle to attract the buyers or consumers. Competition exists because the individual entrepreneurs have the freedom to choose their products. Competition benefits both the seller and the buyer. Many people recognize scarcity and they want to know how to deal with it. People know that if the resources are wasted then the number of products will decrease and thus efficiency in economic decisions is a definite thing. The government must be efficient in solving the people's problems. People hope for the economic growth to increase because everyone wants to have a luxurious and enjoyable life. Thus,...

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