What is Economics?

Topics: Economics, Macroeconomics, Barack Obama Pages: 3 (703 words) Published: October 17, 2010
Kofie B Primus
Professor Soumyajit Sukul
ECON 210
15 November 2009

What is Economics?

Economics is the concept that contracts the manufacture, allotment, and use of produce and services. It is the study of how the use of inadequate resources will best satisfy the wants, needs and desire of the greatest number of people. The study of economics over the years as nations continues to connect globally has become tremendously important aspect. Economics consists of a large number of subdivisions with the two major ones begin macroeconomics and microeconomics. Macroeconomics encompasses the conclusion made by the people in the general public, such as the changes in interest rates that affects the national savings. Macroeconomics is the study of the complete structure of economics. Microeconomics consists of economics decisions made at a lower level. For example the change of a price item affecting an individual’s decision of purchasing that particular item. Microeconomics focuses on how the organization affects one business or parts of the economic structure. President Obama’s recent economic proposal is a perfect example of the economic force at work. The president proposed an income-tax credit of $3,000 for all new jobs above a company’s current employment level. The United States had proposed the “New Jobs Tax Credit” in 1977, which demonstrated economics at work in a perfect manner. The benefit on the dollar of credit is better with this approach and had become more target-effective. Evaluation results from studying the past “New Job Tax Credit” suggested that there were extensive effects in inspiring employment. Furthermore, the jobs that were created benefited particularly the low-wage workers. Since the limit on the credit per worker made it a more prominent for hiring lower-skilled, lower-wage workers. Theoretical work suggested that it’s particularly likely to be successful in an economy that is sliding further away from full...
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