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Old 10-19-2017, 04:46 PM
 
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Mad Man and Sport and Misty are both correct. Both definitions are correct. They reflect different parts of the Economic process. Economics is the study of that process and Sport is correct with his definition of Economics being the study of how we use scarce resources to satisfy unlimited wants and needs. Within that definition is the operating equation that civilized man develops a method develops a system to allocate those limited resources since the demand for exceeds at some point their availability. The study of how man does that is the study of Economic systems. Those include free market allocation/capitalism, socialism etc.

A simplified beginning to the study of economic systems is to begin with barter which is how primitive man traded and allocated. In order to do that more efficiently they developed a medium of exchange which we now call currency. That enables us to give resources a store of value etc etc etc,

However as Mad Man notes we each have wants and needs that guide our individual behavior. Shelter is a need how ever the style and size of that need easily becomes a want. As with food and clothing. Clothing in some climates is a basic need however we can easily see how the Khardasians has created the classic overindulgence of a need to a unlimited want.

So our individual behavior is guided by a self developed system of wants and needs. Trying to debate what is a want and a need at the individual level can be meaningless and psychology specifically Maslow can lead you on a multiple day discussion,

Economics is the study of our collective wants and needs along with the societal practice of resource allocation,

Just look at Puerto Rico, surrounded by water with water being so very scarce right now for many. How should that be allocated and what for some is a life and death need while for others it isn't

Housing as a want or need? Size of? Land used? Have a go at what is a want or a need however remember the individual. This thread has taken some interesting curves which is good as it reflects much of the above. As the OP I can say that is good and on topic.
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Old 10-19-2017, 04:50 PM
 
29,775 posts, read 34,860,277 times
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What's the difference between macroeconomics and microeconomics?



A:
Microeconomics is generally the study of individuals and business decisions. Macroeconomics looks at higher up country and government decisions.

Macroeconomics and microeconomics, and their wide array of underlying concepts, have been the subject of a great deal of writings. The field of study is vast; here is a brief summary of what each covers:

Microeconomics
Quote:
Microeconomics is the study of decisions that people and businesses make regarding the allocation of resources and prices of goods and services. This means also taking into account taxes and regulations created by governments. Microeconomics focuses on supply and demand and other forces that determine the price levels seen in the economy. For example, microeconomics would look at how a specific company could maximize its production and capacity so it could lower prices and better compete in its industry. (Find out more about microeconomics in How does government policy impact microeconomics?

Microeconomics' rules flow from a set of compatible laws and theorems, rather than beginning with empirical study.
Quote:
Macroeconomics, on the other hand, is the field of economics that studies the behavior of the economy as a whole and not just on specific companies, but entire industries and economies. This looks at economy-wide phenomena, such as Gross Domestic Product (GDP) and how it is affected by changes in unemployment, national income, rate of growth, and price levels. For example, macroeconomics would look at how an increase/decrease in net exports would affect a nation's capital account or how GDP would be affected by unemployment rate.
(To keep reading on this subject,
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Old 10-20-2017, 04:43 AM
 
Location: Central Massachusetts
4,800 posts, read 4,845,678 times
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Quote:
Originally Posted by TuborgP View Post
What's the difference between macroeconomics and microeconomics?



A:
Microeconomics is generally the study of individuals and business decisions. Macroeconomics looks at higher up country and government decisions.

Macroeconomics and microeconomics, and their wide array of underlying concepts, have been the subject of a great deal of writings. The field of study is vast; here is a brief summary of what each covers:

Microeconomics


(To keep reading on this subject,
I actually loved both of those subjects in college. I have a BSBA in Business and Business Administration with an IT side focus. It was a lot of fun in that time writing papers describing different scenarios. I got an A in both subjects.
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Old 10-20-2017, 05:22 AM
 
29,775 posts, read 34,860,277 times
Reputation: 11697
Quote:
Originally Posted by oldsoldier1976 View Post
I actually loved both of those subjects in college. I have a BSBA in Business and Business Administration with an IT side focus. It was a lot of fun in that time writing papers describing different scenarios. I got an A in both subjects.
Your posts often reflect a understanding of market forces across a variety of topics
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