To tell the truth not many of us are interested in science

Another proof of importance of economics is the responsibility that it embraces. Some reckless decisions in certain circumstances may result in global depression all over the world, we face such examples not only in history but even in the nowadays world and national economy. So the well-being of huge masses of people depends on the way the highest economists work. Naturally, those economists determine the life of many people. I cannot imagine a more influential job. Actually, the prospects of making so many people’s lives better is what indeed fascinates me about economics.

Anyways, firstly it should be understood how different an economy may work. Traditional economies are dictated by tradition, customs, and religion. One of the features of this type of economy is very little economic growth. In traditional societies people use methods of production and distribution which were invented in the past and have become accepted ways of doing things.

A market economy is an economy in which the prices of goods and services are determined in a free price system. Trading and exchange of goods, services and information takes place in a free market. A market economy may, therefore, also be known as a free market economy. In the real world, market economies do not exist in pure form, as societies and governments regulate them to different degrees rather than allow self-regulation.

The opposite of a market economy is a planned or command economy, where the government decides what to produce, in what quantity, and to be sold at what price. A planned economy alleviates the use of private enterprises and allows the government to determine everything from distribution to pricing. Planned economies can provide stability, but they can also limit the growth and advancement of the country if the government does not allocate resources to the innovative enterprises.

A mixed economy is the one in which there exists a mixture of free enterprise and government control. In some areas of a mixed economy, the government may even have a monopoly. In a typical mixed economy, the government may run such things as the postal service, rail lines, libraries, and in some cases, the health care service. Even in industries which are not owned or run by the government, its influence is very noticeable in the form of taxes and regulations like wage controls .

Actually, economics is complicated. It can be divided into… Economics is the science that deals with production, allocation, and use of goods and services. It is important to study how resources can best be distributed to meet the needs of the greatest number of people. As we are more connected globally to one another, the study of economics becomes an extremely important issue.

Economics is a broad subject that can be divided into two areas: microeconomics and macroeconomics.

Microeconomics, the study of the economic behaviour of small economic groups such as firms and families, is one of the largest subfields in economics. Microeconomics deals with economic decisions made at a low, or micro, level. It is the analysis of the decisions made by individuals and groups, the factors that affect those decisions, and how those decisions affect others.

Microeconomics asks questions: “How do individuals make consumption decisions?”, “How do firms make profits and price their goods and services?”, etc.

“Macro” means “large”. Macroeconomics is the field of economics that studies the behaviour of the economy as a whole, not just specific companies, but entire industries and economies. This area of economics examines economy-wide phenomena such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels. Macroeconomics asks questions like: “What causes inflation?”, “What