Economic Thought and Theory

Essay # 66518

Business
Economics

An overview of some of the main principles and policies of economics.

2,087 words () | 6 sources | MLA | 2005 United States

Paper Summary:

This paper examines how the study of economics focuses on how individuals, corporations, and societies choose to use scarce resources provided by nature and previous generations. It looks at how fields of economics include taxes, banking, international trade, economic theory, and comparative economic systems. Outline Microeconomics Positive and Normative Economics Laissez-Faire Command Economy Mixed Economy Laws of Supply and Demand Government Intervention Post Keynesian Economics International Economics

From the Paper:

"Microeconomics is the study of economic behavior. Microeconomics focuses on what factors affect individual economic choices and how changes in these factors alter these individual economic choices. Macroeconomics considers the combined effect of individual choices on the overall performance of the economy as reflected by such measures as the nation's price level, total production, and level of employment. Macroeconomics deals with a country's overall economy including the country's input and output. It also includes the GNP (Gross National Product), which is the total value of goods and services produced in an economy in a certain period of time, usually a year."