A Snapshot of Macro-Economics
Economics is the study of making choices. High school and college students everywhere are required to take economic courses in order to obtain a diploma. Why is economics so important? Economics is important because it provides a guide for students for real-world situations. Economics is divided into two sub categories, microeconomics and macroeconomics. Microeconomics is the study of economics at a narrow level. For example concentrating on how a specific business functions is microeconomics. Studying the world economy is classified as Macroeconomics; its focus is on a much broader level. All students must understand the concept of scarcity. Scarcity is a condition that occurs because society has unlimited wants and needs yet the amount of resources is limited. Unlimited wants and needs are what motivate us to produce goods and services. We are never satisfied therefore we always have a want or need. On the other hand our resources are limited. Resources are what we use to produce the goods that temporarily satisfy our want or need. In a nutshell this means there are never enough resources to produce enough for everyone. Therefore some people must do without specific goods and services. Doing one specific task means that you must
Quantity demanded is the specific quantity of a good that buyers would be willing and able to buy at a specific price. And most importantly the entrepreneur takes the risk of beginning the whole production process and bringing the other three resources together. Along with banks there are three other types of financial institutions known as: Savings and Loans Associations, Credit Unions, and Mutual Savings Banks. When the market is not at equilibrium it will eventually reach equilibrium automatically. Sixty percent of the United States money supply consists of checking accounts. Price and quantity demand are a pair of numbers that always go together. Quantity demand is absolutely different from demand. Inflation causes future prices become increasingly uncertain, financial assets to decrease in value, income and wealth to be unevenly redistributed because prices change at different rates, Hyperinflation can cause money to become so worthless that people resort to barter exchanges. These groups are: land, labor, capital, and entrepreneurship. Unlike demand, price and quantity supplied are directly related. In an economy we strive for efficiency because it reduces the effect of scarcity. Money can be anything of value: Paper, metal coins, bank accounts, or anything else that is accepted by society as a means of payment. These prices don't involve a money payment. Capital is the tools used to produce a good.
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