The Basics of Economics :: Economics

Economics is the study and understanding of the economy or the system of establishment and muckle that deals with money and financial things. Because the government officials did not understand my report about the economic reforms that are supposed to help stimulate the economy, I gestate decided to teach them about few concepts about the economy and how it works and how they can benefit from me and use these concepts to make wise and good decisions to stimulate the economy. The initiative thing I decided to teach the government officials about is economic freedom. nation highly care about their economic freedom, thus, the government needs to contain the consumers or people some freedom. People want to make their economic choices their job or occupation, what they are going to do with their money, what to produce and how to produce it. some other important concept concerning the people is economic equity people greatly value equality. Treating people fairly without discriminat ing 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 pay to a worker. People who are not very rich get affected dramatically by inflation therefore, people prefer to have monetary value stability. Price 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 matter in increasing the percent of unemployment. Full employments 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. rival 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 moment of products will decrease and thus efficiency in economic decisions is a definite thing. The government must be efficient in solving the peoples problems. People hope for the economic growth to increase because everyone wants to have a luxurious and enjoyable life.