VCC Economics Assignment 01

VCC Economics Assignment 01 - MICRO-economics is the study...

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Don Uhrig Principles of Economics-Macro, ECO-2013, Su 1700-1945 Professor Dr. Jim Chase Assignment #1 Define Economics: Dictonary.com says that Economics is the social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems. What this means to me is as a Business Management student is that in order to introduce a product or service into any economy and be successful I must undertake a study into the demand for the product or service, the ability to actually produce the product or service and what the consumption might be. I might also extend this to include what the impact of my product or service might be to the existing economy. Distinguish between microeconomics and macroeconomics:
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Unformatted text preview: MICRO-economics is the study of just one aspect or component of a national economy. For example: the study of just one particular line of business, like the lumber mils or individual farms or individual consumers. Microeconomics also considers how individual choices are influenced by economic forces. MACRO-economics is the branch of economics dealing with the broad and general aspects of an economy. For example: the relationship between the income and investments of a country as a whole. Macroeconomics considers the problems of inflation, unemployment, business cycles and growth. I would image that our national economists have been working overtime running countless models and studies to determine the best way to change the United States current economic situation....
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