Economics A Human Interaction Within Markets Essay

Question 1: Economic system is a science that studies the way individuals and societies employ scarce productive resources, for example water, by deciding what and how goods and services will be produced and distributed to the members of society. It’s a human interaction within markets, that’s why it reveals people’s goals that they are accomplishing. The economic agents can be individuals, businesses, organizations, or governments. Economics can be broken down into microeconomics and macroeconomics. †¢ Microeconomics is small theories of supply and demand, and the quantity of production and charge desired by individual businesses. People who have any desire to start their own business or to learn the rational of the pricing of particular products and services are interested in this area. †¢ Macroeconomics focuses on the national economy by providing a basic knowledge of how things work in the business world. So, for an overall perspective of the way economy works, understanding the two levels of economics is a need. Market economies are willing to make the market forces, such as supply and demand, the best determinants of a right nation’s well-being. Individuals buy and sell what they think is the best for themselves and their families, responding to prices set on open markets where suppliers compete to sell to potential buyers. People in general respond to incentives; sellers seek high prices while buyers seek low prices. People earn their incomes by selling theirShow MoreRelatedWorld Wars And The Great Depression1059 Words   |  5 PagesEconomic institutionalists confined the study of economy interactions to allocational choices between scarce means for preferred ends. By contrast Polanyi showed how economies exist because humans need to produce things to sustain themselves, and these things come from nature. 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