Economics Terms

Paper Summary:

This paper discusses a series of economic terms: economics, supply and demand, macroeconomics, microeconomics, elasticity, in-elasticity, and Gross Domestic Product (GDP). In addition, it examines the concept of GDP as it relates to the national economy and how GDP can, in spite of strong performance measures, be indicative of poor economic performance and even an unhealthy economy.

From the Paper:

"Economics is a particular field of study within the social science category of sciences. Its primary subjects of study are production, distribution, trade and consumption patterns of goods and services in any given economy (Cleaver, 2004). Economics is divided in to two branches of studies: microeconomics and macroeconomics. The father of economics is largely recognized to be Adam Smith whose Wealth of Nations defined the context for this new science at the time of its publication in 1776. Supply and Demand Supply and demand is an economic model that characterizes and predicts variances in the price, quantity, and distribution of goods or services in competitive marketplaces (Cleaver, 2004). Supply and demand is a central component of market economies. "

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