Eco 561 Week 1 Economics Research Paper
ECO/561PR - ECONOMICS
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In modern society people desire goods and services that provide a more comfortable or affluent standard of living. We want bottled water, soft drinks, and fruit juices, not just water from the creek. We want salads, burgers, and pizzas, not just berries and nuts.
According to MC-Connell (2008) “Economics, which is the social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.” Scarce economic resources mean limited goods and services. Scarcity restricts options and demands choices. Because we “can’t have it all,” we must decide what we will have and what we must forgo. Consumers are purposeful in deciding what goods and services to buy. Business firms are purposeful in deciding what products to produce and how to produce them. Government entities are purposeful in deciding what public services to provide and how to finance them. …show more content…
Macroeconomics examines either the economy as a whole or its basic subdivisions, such as the government, household, and business sectors. Macroeconomics seek to obtain an overview or general outline of the structure of the economy relationship of its major aggregates. We can see it as an economic measure of total output, total employment, total income, aggregate expenditure, and the general level of prices in analyzing various economic problems. On the other hand microeconomics is the part of economics concerned with individual units such as a person, a firm, or industry. At this level economist observe the detail of an economic unit, or very small segment of the economy. Micro measures the price of a specific product, the number of employees in a small business, the revenue of a particular
Ius
In modern society people desire goods and services that provide a more comfortable or affluent standard of living. We want bottled water, soft drinks, and fruit juices, not just water from the creek. We want salads, burgers, and pizzas, not just berries and nuts.
According to MC-Connell (2008) “Economics, which is the social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.” Scarce economic resources mean limited goods and services. Scarcity restricts options and demands choices. Because we “can’t have it all,” we must decide what we will have and what we must forgo. Consumers are purposeful in deciding what goods and services to buy. Business firms are purposeful in deciding what products to produce and how to produce them. Government entities are purposeful in deciding what public services to provide and how to finance them. …show more content…
Macroeconomics examines either the economy as a whole or its basic subdivisions, such as the government, household, and business sectors. Macroeconomics seek to obtain an overview or general outline of the structure of the economy relationship of its major aggregates. We can see it as an economic measure of total output, total employment, total income, aggregate expenditure, and the general level of prices in analyzing various economic problems. On the other hand microeconomics is the part of economics concerned with individual units such as a person, a firm, or industry. At this level economist observe the detail of an economic unit, or very small segment of the economy. Micro measures the price of a specific product, the number of employees in a small business, the revenue of a particular