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1 The study of economics is helpful in several ways . Some of these I
will comment on . First of all , technology levels affect a societies economy ,
so by learning what products are produced and how they are produced , you
can see how technologically advanced a society is . By examining where the
produced goods are sent/used you can get a better idea of what type of
government the society is run by . By studying an economy and seeing how
the economy uses resources , you can learn what resources the society
controls and which ones the society needs . Tied in with this factor of
resources you can get an idea of which countries have leverage over other
2 An economist how a society or government meets the needs and
wants of the populace , either through production or commerce .
Economists see the world as a) profitable b) unprofitable c) and they see
opportunity costs . By viewing the world in such a manner they are able to
help in the decision making involved with money and industry . They can
help to save money , resources , labor, and time .
3 Microeconomics is the study of an overall economy . In studying
microeconomics you study a wider range of services , productions ,
exchanges . While not as discriminate as macroeconomics , you can get a
broader picture and grasp the basic concepts of an economy .
Macroeconomics studies the study a single aspect of an economy ,
lets say the mining of coal . You don’t research the delivery , the ‘market’ ;
all you study is the actual mining process . While this may be more limited in
scale , you can learn more about that specific process . You don’t see the
whole picture but you can find the specifics on that subject .
4 Personally I don’t think that the physiocrats theory would work . I
think that if we tried to follow there theory and have the government abstain
from interference , many of the smaller businesses would quickly be closed
down . I think that a great many monopolies would be created and we would
have the ‘railroad barons’ problem that we had in the 20th century . I feel that
the government is hindering at many times , and still they seem to be helpful
in some areas .
5 The business that I chose to depict was the custodial division at Chico
State University . Both of my parents work there so I chose this area of
business . The factors of production pertaining to this field of work would
include people/labor , cleaning liquids ( such as disinfectants and Windex ) ,
and dirty rooms (joke) .
For the land I would have to put down electricity , water , large
amount of goods manufactured using plastics which in turn uses oil . As
for the capital of the business I will say that the cleaning machines , and large
supplies of cleaning materials would fill this category .
The entrepreneurship of the custodial business is the tricky part . I
guess that you could say that the custodians risk there social lives ( because
they work graveyard shifts ) in exchange for making a decent salary . As in
the case of my parents , it paid off .
6 The way that I see it , our largest problem has to do with the natural
resources . People will always want and need things , but if we do not limit and
reserve the resources that we have , we are not always going to have our resources .
Demands cannot be met when there is nothing to meet them with . You can’t artificially
make everything . You need to start somewhere .
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Microeconomics, Production economics, Capital, Economics, Economy, Macroeconomics, Market, Factors of production
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