User:Jmoinian/Economy

WHAT IS ECONOMY? Lionel Robines the well known British economist has this to say “Economy is the study of the use of scare resources which have alternative use.” What is scare? It means something that is difficult to obtain and the society wants more of it. The simplest way to describe is economy is the production of goods and services in every day life.

The job of economist is decided for example how much oil, iron, or wood a nation needs weather or not is going to be sufficient. The economy also discusses the well being of a society and the cause and effect of prices that industry offers.

Economy is not always about the money; when a plane crashes and there are certain amount of food and medicine scare; the decision has to be made wisely for the distribution of goods among the people. Otherwise, some survivors may die of deep wounds or hunger.

A child must be introduced to basic economy from the third grade on just as a child being thought about sports from early childhood. This education will come handy in life when a child has to make a decision between buying a candy or a computer game with his allowance.

There are many types of economy: Socialist, Capitalist, Feudalist, and Command Economy. A country shall blooms into a productive, prosperous nation that knows its economics well.