Economics Basic Economic Concepts Essay - 3027 Words

Kingman Academy of Learning Economics a Social Science Basic Economic Concept Jordan Mcdowell Civics K.David 5 December 2016 . Economics a Social Science Basic Economic Concept Scarcity Supply and Demand Utility Measurement of Economic Performance Gross domestic product (GDP) National Income and Price Determination Stabilization Policies Demand management policy Fiscal policy Monetary Policy Economic Growth Open Economy: International Trade and Finance To understand economics, one must first explore the basic economic concepts. The first of the basic economic concepts is scarcity, â€Å"a situation in which there is not enough of something† (Coolridge). So an economic scarcity is the limited resources or goods compared to the unlimited wants and needs of consumers. For example, pumpkin pie is sold largely in the fall and is abundant. However, in the later months of winter, pumpkin pie is still in the same demand as in the months of fall. Here is where scarcity will become apparent. The supply of pumpkin pie can not meet the demand the amount of pumpkin pie consumers want. Scarcity can also dictate what a consumer may buy and the amount of a product they may buy. For instance: Fossil fuels use in the United States of America. â€Å"Should the tile world continue to be dependent upon its fossil fuels for its energy requirements, the peak of coal production would probably be reached within the next 200 year, and that of oil in about 50Show MoreRelatedBasic Concepts for Economic Reasoning1782 Words   |  8 PagesRunning head: THE BASIC CONCEPTS FOR ECONOMIC REASONING The Basic Concepts for Economic Reasoning International Economics Will Bury`s Gose Global Part I Will Bury has invented a technology that gives the option of reading text materials digitally or listening to it with synthetic voice which sound realistic (Will burry`s goes global, UOP). In this paper I will explain economic concepts founded in Will Bur’s scenario, which will Bury`s have to take some important business decisionsRead MoreBasic Economic Concepts : Absolute And Comparative Advantage Essay2016 Words   |  9 PagesBasic Economic Concepts Absolute and Comparative Advantage Absolute Advantage is the comparison of productivity of a person, company, or nation to another person, company, or nation and the ability to produce with fewer inputs (what is used to make the product) than another producer. Comparative Advantage is the opportunity costs (what must be given up to obtain an item) between two producers and the ability to produce at lower opportunity costs than another producer. Absolute Advantage can beRead MoreBasic Economic Concepts That Are Important For All Twenty First Citizens905 Words   |  4 PagesEconomics is the study of how scarce, or limited, resources are used to satisfy unlimited wants and needs of individuals. â€Å"Needs† are what individuals need in order to survive, such as food, clothing, shelter, and health care. â€Å"Wants† are goods or services that individuals would like to have, but don’t necessarily need. For example, one needs food in order to survive, but does not need to purchase and consume an exp ensive cut of prime rib. One needs shelter to protect them from the elements, butRead MoreProduct Life Cycle of Parle G767 Words   |  4 PagesITM-EXECUTIVE EDUCATION CENTRE Course Title: Quantitative Techniques for Business Contact Hours: 24 hours Course Objective: Expose students to the application of basic Algebraic methods used in field of management. Introduction to the statistical methods and application in areas of research. Contents: Session No | Content | 1. | Introduction to Statistics. Scope and Limitations. Data Collection and Presentation. | 2. | Measures of Central Tendency, Depression. | 3. | Measures ofRead MoreElasticity: Supply and Demand and Price1652 Words   |  7 PagesPrice elasticity is an important concept to understand when beginning and maintaining a business that distributes goods or services. Elasticity is the economic concept that estimates when products should be introduced to consumers, and how (provided that all other variables remain constant) demand or supply will be affected by changes in the environment that affect price (Basic Economics, 2007-2010). Depending on how the percentage demanded/supplied is affected by price differentiation will determineRead MoreSustainable Development : The Definition Of Sustainable Development1432 Words   |  6 Pagessustainable development mean? For years scholars have tried to define and articulate the concept of sustainable development which has led it to become an oxymoron of sorts. Over a century before the use of phrase sustainable development came to practice several publications had been dealing with what we would come to call sustainable development. John Stuart Mill (1984) in his publication Principles of political economics, infers that in order to prevent mankind from reaching a stationary state, and forRead MoreThe Effects Of Economics On Our Lives At A Young Age973 Words   |  4 PagesIn my youth I marveled at how the influences and effects of economics are ubiquitously found in daily life; the things we buy, prices of products, and the wellbeing of governments. As the son of two business owners who planted the seeds from ground up and grew their respective businesses to what they are now, I was exposed to what a significant role economic influence plays in people s’ lives at a young age. I distinctly remember the chaos and utter stress that engulfed my parents during the financialRead MoreThe Concepts Of Corporate Social Responsibility1456 Wo rds   |  6 PagesThe concepts of corporate social responsibility (CSR) have been evolving for decades. At the very beginning, it was argued that corporation’s sole responsibility was to provide maximum financial returns to shareholders. However, it became quickly apparent to everyone that this pursuit of financial gain had to take place within the boundary of the legal system (Carroll, 1979;1991). Bowen’s 1953 publication of ‘Social Responsibility of Businessman’ was considered by many scholar to be the first definitiveRead MoreMicroeconomics1441 Words   |  6 Pagesgive 5 reasons why the study of microeconomics is important. Microeconomics is a field of economic study that focuses on how an individual s behaviour and decisions affect the supply and demand for goods and services. For the purpose of microeconomics, the actions of individuals, households and businesses are crucial, unlike the study of macroeconomics, which focuses on national and international economic trends. Despite the differences between the two fields, however, micro-level trends and theRead MoreThe Theory Of Basic Income945 Words   |  4 PagesIntroduction Basic income has been an increased topic of debate in Canada during the last decades. Basic income is a form of social security that grants all citizens an unconditional income. Tony Fitzpatrick, a PhD on the topic of basic income (1999), claims that the radical right is a strong opposer to basic income because of their belief that basic income maintains a high possibility for abuse. In contrast, Daniel Raventà ³s (2007) , a professor of the department of sociological theory at the