Economics and the Effects on Our Society

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Economics and the Effects on Our Society

Post University

Maria Krug

BUS501

January 13, 2013

Economics and the Effects on Our Society

A crucial topic of discussion that we hear among our fellow co-workers, family, friends, or colleagues is how the economy is affecting our daily activities of living. When stating this, there is much debate and question as to how our money is valued and the effects it poses on various aspects of our purchases and savings. According to the Merriam-Webster Dictionary, economics can be defined as, “A social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services” (Merriam-Dictionary, …show more content…

(Investopedia)

Monopolies: In our economy, monopolies are created when one business is responsible for the production and consumption of a particular good or service; where no one else has access to it except through that business.

Oligopolies: This is where more than one business may have a common market share of goods and services creating competition within that industry. (Investopedia)

Perfect Competition: When industries compete to provide the best price for goods and services within the industry. Businesses will decide on the prices that will create for a competitive market share. (Investopedia)

With an overall understanding of the different branches that fall within our economic structure it is clear to see that each plays a different, yet similar role in how our society is affected. From micro and macro-economics to perfect competition, we can observe that individuals as well as larger businesses are all influenced by the production, distribution, and consumption of goods and services. When an economy can recognize what the supply and demand is for particular resources, it is able to provide a more efficient and productive outcome for production and consumption for the consumer. This ultimately leads to consumers knowing for themselves what elasticity and utility of such resources is more significant for them

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