The Basics of Economics :: Economics

Economics is the study and controling of the economy or the corpse of government and plenty that get laids with money and financial things. Because the government officials did not understand my report more or less the sparing reforms that argon supposed to help kindle the economy, I prolong decided to tutor them almost few sentiments about the economy and how it works and how they can benefit from me and use these concepts to make bright and good decisions to stimulate the economy. The first thing I decided to teach the government officials about is economic freedom. quite a little highly care about their economic freedom, thus, the government needs to give the consumers or people somewhat 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. Another important concept concerning the people is economic equity people greatly value equality. Treating people fairly wit hout discriminating between them is an important rule. Thus, discriminating on the posterior of age, sex, race, religion, or disability is illegal. An example for economic equity would be minimum wage the lowest legal wage that can be paying(a) to a worker. People who are not very rich narrow affected dramatically by inflation therefore, people prefer to have price stability. Price stability is important because inflation can ill-treat a lot of descent 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 too at the end result in increasing the percent of unemployment. wide-cut employments is when most of the society or nearly all of it are utilise or have jobs, people wish for this but it bequeath neer properly be implemented. contest is the result of having freedom in an economic system. Competition is the opposite of the monopoly competition is when the sellers strugg le 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 number of products will decrease and thus efficiency in economic decisions is a decided 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 rattling(a) and enjoyable life.