Tuesday, October 16, 2007

A Snapshot of Macro-Economics

Economics is the learning of making choices. High school and college students all over required to take economic courses in order to achieve a diploma. Why is economics so important because it provides a guide for students for real-world situations Economics is divided into two types microeconomics and macroeconomics. Microeconomics is the study of economics at a slim level. For example absorbed on how a detailed business functions is microeconomics.
Studying the world economy is classified as Macroeconomics; its center on a much broader level. All students must understand the concept of insufficiency. Scarcity is a condition that occurs because society has unlimited wants and needs however the amount of property is limited. Unlimited wants and needs are what encourage us to create goods and services. We are never satisfied therefore we always have a want or need. On the other hand our income is limited.