Economics in Todays Society - 1075 Words

Economics is defined as the study of how the forces of supply and demand allocate scarce resources. Economics can be subdivided into microeconomics, which examines the behavior of firms, consumers and the role of government; and macro economics, which looks at inflation, unemployment, industrial production, and the role of government (Investor Word, 2008). Economics can be further divided to include positive economics and normative economics. Positive economics is the study of what is, and how the economy works and normative economics is the study of what the goals of the economy should be. Simply put positive economics looks at how things such as current gas prices directly affect individual buying power and how that buying power affect†¦show more content†¦A change in anything that affects supply besides price causes a shift on the supply curve. Factors that affect the supply curve are; price of inputs, technology, expectations, and taxes and subsidies. If a producer fin ds that the cost for producing specific items is getting higher than supply of that item will begin to decrease as it is not economically sound to continue to make a large amount of these items. Technology has a direct affect on supply, as it becomes easier and less expensive to produce an item more of that item is produced. As with the demand curve expectation also has an affect on the supply curve, if consumers expect the cost of a product to increase they will buy more of that items which causes a decrease of supply. An example of this would be when the price of gas is expected to raise people will fill their car up and also fill gas containers. Tax also has an effect on the supply curve as it does on the demand curve, as taxes increase on a specific items then the supply for that particular items increase as people stop purchasing the item. In an article titled â€Å"Research focuses on Dining Pattern, Demographics,† it was reported that dining out has declined. This decl ine is closely related to housing problems and rising gas prices. The research indicted that the most effected by the economy problems are the â€Å"Baby Boomers (ages 43 to 62) research show that these individual tend to reserve dining out for special occasions. TheShow MoreRelatedThe Most Problematic Social and Economic Problem in Today’s Society997 Words   |  4 PagesIdentity Theft might just be the most problematic social and economic problem in the US. Identity theft can cause many problems for the victim and the thief, obviously. One problem is the victims personal record, it is extremely important to have a clean one if you want to apply for college, buy a house, become a citizen, etc. Another problem is after the identity theft has taken their toll, the victim is suffering with trying to recover all the money that they have lost. And the most dangerous problemRead MoreFunctions of the Family1380 Words   |  6 PagesAssess the view that in today’s society the family is losing its functions. For many years, the family has had a set of functions that every family has had to follow in order to fit in with society. Some of these functions include social control and the gender-role socialisation. Some Sociologists that have explored these functions are Murdock and Parsons. Murdock looks at reproductive, sexual and economic functions. Whereas, Parsons looks at the primary socialisation of children and the warm bathRead MoreThe Black Power Movement During The 1950 S1068 Words   |  5 Pagesfelt that nonviolence was not the answer to achieving civil rights. The Black Power Movement unsuccessfully tried to change the economic and social inequalities of blacks, because today many blacks are still treated socially and economically inferior to whites. 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