Why Study Economics Essay Example For Students

Why Study Economics Essay EconomicsThe study of economics is helpful in several ways . Some of these Iwill comment on . First of all , technology levels affect a societies economy ,so by learning what products are produced and how they are produced , you cansee how technologically advanced a society is . By examining where the producedgoods are sent/used you can get a better idea of what type of government thesociety is run by . By studying an economy and seeing how the economy usesresources , you can learn what resources the society controls and which ones thesociety needs . Tied in with this factor of resources you can get an idea ofwhich countries have leverage over other countries . An economist how a society or government meets the needs and wants ofthe populace , either through production or commerce . Economists see the worldas a) profitable b) unprofitable c) and they see opportunity costs . Byviewing the world in such a manner they are able to help in the decision makinginvolved with money and industry . They can help to save money , resources ,labor, and time . Microeconomics is the study of an overall economy . In studyingmicroeconomics you study a wider range of services , productions , exchanges . While not as discriminate as macroeconomics , you can get a broader picture andgrasp the basic concepts of an economy . Macroeconomics studies the study a single aspect of an economy , lets say themining of coal . You dont research the delivery , the market ; all you studyis the actual mining process . While this may be more limited in scale , you canlearn more about that specific process . You dont see the whole picture but youcan find the specifics on that subject . Personally I dont think that the physiocrats theory would work . Ithink that if we tried to follow there theory and have the government abstainfrom interference , many of the smaller businesses would quickly be closed down . I think that a great many monopolies would be created and we would have the railroad barons problem that we had in the 20th century . I feel that thegovernment is hindering at many times , and still they seem to be helpful insome areas . The business that I chose to depict was the custodial division at ChicoState University . Both of my parents work there so I chose this area ofbusiness . The factors of production pertaining to this field of work wouldinclude people/labor , cleaning liquids ( such as disinfectants and Windex ) ,and dirty rooms (joke) . For the land I would have to put down electricity , water , large amountof goods manufactured using plastics which in turn uses oil . As for the capitalof the business I will say that the cleaning machines , and large supplies ofcleaning materials would fill this category . The entrepreneurship of the custodial business is the tricky part . Iguess that you could say that the custodians risk there social lives ( becausethey work graveyard shifts ) in exchange for making a decent salary . As in thecase of my parents , it paid off . The way that I see it , our largest problem has to do with the naturalresources . People will always want and need things , but if we do not limitand reserve the resources that we have , we are not always going to have ourresources . Demands cannot be met when there is nothing to meet them with. Youcant artificially make everything . You need to start somewhere . Business