• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Outline the basics of economics

Extracts from this document...


Economics is the study and understanding of the economy or the system of government and people that deals with money and financial things. Because the government officials did not understand my report about the economic reforms that are supposed to help stimulate the economy, I have decided to teach them about few concepts about the economy and how it works and how they can benefit from me and use these concepts to make wise and good decisions to stimulate the economy. The first thing I decided to teach the government officials about is economic freedom. People highly care about their economic freedom, thus, the government needs to give the consumers or people some 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. ...read more.


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 definite thing. The government must be efficient in solving the people's problems. People hope for the economic growth to increase because everyone wants to have a luxurious and enjoyable life. Thus, they hope that the county's economic status grow so it effects all of the people. Everyone hopes of the seven major goals that make the economy grow; full employment, price stability, economic freedom, economic equity, economic efficiency, economic security and economic growth. Other than these dreams people dream about future and future goals; people have future goals like dreaming for a cleaner environment and better future for their children. However, we do not get all of what we hope for, thus, people must plan or have a trade offs. ...read more.


The consumer sector receives a huge income that is spend and consumed on needs and wants. The government acts as the protector, provider, regulator, and consumer. The government protects the economy by enforcing laws against false advertisement, monopoly, unsafe food and drugs, environmental hazards and pollution, unsafe automobiles and many other things. The government provides goods and funds to many part of the society. For example, the government provides free education. The government also regulates and preserves the competition in the market. The government also acts as a consumer; the public sector gains a lot of money (the government money). The government also puts regulations and rules; when the government puts new regulations for safety of automobiles, this causes a change in supply. It also changes the market by adding more money in the market. Thus, all of these things help in the GDP (Gross Domestic Product); where the dollar value of all final goods, services, and structures produced within a country's national borders during a one year period increases. All these concepts are dramatically important to help the economy and to increase the GDP. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Markets & Managing the Economy section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Markets & Managing the Economy essays

  1. what is economics

    demanded * This means that the total revenue of the tour operator is (900 x 325) = �292,500 Other Factors Affecting Demand * Obviously, it is clear that price has a major effect on the quantity of a product that is demanded * Price, however, is not the only reason

  2. Micro economics environment - Government intervention

    Monopoly Monopoly is when a company or a group of companies has all the market power in different ways. They may charge excessive prices or reductions in the levels of service offered. In turn this restrict entry to get into the market.

  1. What are the origins of the Pension Crisis and what can be done to ...

    Following the Maxwell scandal, the pension industry has continued to receive much bad press, as one of the most respected pension providers, Equitable Life, was shamed after reneging on its promise to pay "guaranteed" annuities to its members who had paid high premium, and then there is the massive losses incurred by those who invested in split-capital trusts.

  2. Economics Report on Budget

    If yes how many packets a week? Fig 2 From the results I have found out that a lot of people that I gave questionnaires to spend over �20 on cigarettes (see fig 1). The other questions I gave out told me that most people consume mainly 4-5 packets a week (see fig 2).

  1. Case study of Singapore E-Government.

    For easy navigation, e-services are presented according to business and industry topics. Pertinent topics such as government assistance programs, protecting business ideas and market research provide useful information to businesses. Whether registering a new business entity or reporting of changes to business particulars, BizFile enables the online filing of such forms in a manner that is both faster and easier.

  2. In economics we refer to these two acts as tax evasion and tax avoidance. ...

    It is very difficult to assess if taxation is fair. It is difficult to find consensus between people about this argument. However the government is aware that taxation is needed. Based on this argument governments decide if a tax is fair by considering two principles.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work