The role of economics in everyday life.
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A) What is economics?
b) What role does economics play in your personal decisions and or those of your organization?
c) Give an example of the role of economics in decision making. Please relate the concepts to your personal experience and/or professional experience.
Please write in your own words otherwise put the reference you got the information
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Solution Summary
This solution provides a detailed explanation of the following questions
1) What is economics?
2) What role does economics play in your personal decisions and or those of your organization?
3) Give an example of the role of economics in decision making. Please relate the concepts to your personal experience and/or professional experience.
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a) What is economics
economics is a social science that studies the production, distribution, and consumption of goods and services. Economists generally divide economics into two branches, Microeconomics and Macroeconomics.
Microeconomics is the study of individuals (by individual here, I could mean individual persons, families and firms) and how they maximize their welfare, while limited by constraints (constraints here could be financial constraints, resources constraints, time constraints etc.). Microeconomics focuses on supply and demand, and other factors that determine price level. For example, microeconomists may look at what a particular firm does to maximize production, while maintaining a low price to better compete in the industry.
Macroeconomics deals with the performance, structure, behavior and decision-making of the entire economy, be that a ...
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