Essay: Economics

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Sample Essay

3 works cited

Length: 569 words

Abstract: This essay discusses some basic concepts of economics.  Economics is the study of economy which is vital in understanding how resources should be allocated. Understanding resources leads to understanding economics.

The past couple of weeks have been very informational as they have revealed a lot of information regarding economics; what it is and how it functions. This information has been received from the various presentations and speakers who came. Economics is simply the study of how various economics function. This subject also helps us to understand how the scarce resources on Earth should be allocated keeping in mind the various other uses they could be put to. One of the major problems in an economy is that of scarcity. The demand for resources is greater than the amount of resources which are available which leads to scarcity. Economics has been divided into two basic disciplines: Microeconomics and Macroeconomics.

Economics

The economy is made up of various segments. Micro economics is hence the study of these individual segments which exist within entire economy. Macroeconomics however is the study of the economy as a whole and the behavior which takes place within it economically (Madura). The major purpose of macroeconomics is to study what influence and impact consumer spending has on employment, the output of goods and services and the prices charged for them.

In order to understand the concept of economics, we must first be able to understand the limitations which have been set due to the amount of resources available to produce goods and services.

Resources which are used in order to manufacture goods and services are known as the ‘factors of production’. The factors of production consist of labor, land, entrepreneurship and capital. The place which is used to produce the different goods and services is known as land. Not only does the physical land come into this category but things such as oil, water and air too constitute land.

Labor are not only the people who can be found on the workforce rather it refers to the worker’s quality in the workforce (Madura). The third factor of production, capital…

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