Economics As " Is The Study Of How A Society, Or A Country, Or A Business Or Even An Individual Or A Family Allocates Its Scarce Resources.”

598 words - 2 pages

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In the lecture for week one it defines an economics as, "is the study of how a society, or a country, or a business or even an individual or a family allocates its scarce resources." Throughout history, every society has faced the basic economic problem of deciding what to produce, how to produce it and for whom it will be produced. A country's leader has been responsible at the forefront of the ultimate well being of the economy. To decide which economic system is most beneficial, results from history and its effectiveness. Systems can be affected by global trends and forceful influences from more powerful nations. With it being obvious that a country's economic growth and development are directly correlated to governmental control and regulation.Microeconomics is the study of how specific choices made by businesses, consumers and governments affect the markets for different goods and services (Berenson). Microeconomics involves the analysis of how consumers make decisions about what to consume, how firms decide what and how much to produce, and how the interactions of consumers and firms determine how much of a good will be sold, and at what price. To give an idea the type of questions that microeconomics deals with; let's start with a simple example. Consider some of the important decisions a firm, says Dell Computer, needs to make. First, Dell needs to decide what kind of computers to produce: the processor, hard disk capacity, RAM, modem, CD-ROM, installed software, monitor. Second, Dell needs to decide how to produce the computers: in one location or in different locations; equipment and technologies to use; make or purchase choices. What may determine Dell's production decision: consumer demand; technological feasibility; costs of production; products of other computer producers and so on?...

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