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What is Economics?

The study of economics focuses on the study of the production, consumption, and transfer of wealth. Because wealth is defined in a wide variety of ways, the study of economics can be construed narrowly or broadly, and is interrelated with the study of sociology, philosophy, history, psychology, and culture. Economics is viewed, by some, as the study of scarcity, but economic principles apply even when resources are not scarce. It is also considered the study of resources. Many people believe that economics is primarily about money or financial resources because economic study focuses on topics like banking, wealth, and finances. However, economics is not synonymous with finance. Finance refers to the management, creation or study of money, banking, credit, investments, assets and liabilities. It consists of financial systems and financial instruments and is divided into three sub-categories: public finance, corporate finance, and personal finance. Economics includes those areas, but is not limited to them. Furthermore, an education in economics is not only useful in economics-specific careers such as accountant, economist, financial risk analyst, investment analysis, and statistician, but also teaches skills that are transferable to other areas and industries. Macroeconomics examines the economy from the broader perspective. It looks at economic trends including: inflation, deflation, recession, depression, price levels, wage levels, employment, unemployment, gross domestic product, national income, and rate of growth. Macroeconomics is concerned with monetary policy, which, in the United States, is set by the Federal Reserve, often referred to as the Fed; international trade policies; tax policies; aggregate demand; and aggregate supply. Microeconomics examines the economy from a narrower perspective. It looks at how individuals, whether people or firms, interact in the market, and at specific buyer-seller transactions. However, in an increasingly global economy, with large firms dominating some areas of industry, it can become difficult to separate microeconomic and macroeconomic studies. Elasticity refers to the change in consumer demand. Demand for some products remains fairly stable, regardless of fluctuations in price. For example, the demand for water is fairly non-elastic. However, when there are substitute goods available, demand for a product may be very elastic. Microeconomics also examines income distribution, particularly income inequality. It also looks at how different types of ownership can alter the basic rules of supply and demand. For example, monopolies and oligopolies, where either a single or a small number of companies control all of a product, can artificially inflate prices. Another critical component of economic studies is an understanding of supply and demand. Demand refers to how willing people are to purchase a particular product. In other words, what is the desire or need for that product. Supply refers to how much of the product is available. Supply does not refer only to the total amount of the good or resource that is available, but to the amount of the resource or good that is accessible. Generally, as demand rises, prices also rise, and sellers are likely to make a greater supply available at that cost. However, as supply rises, then the price that can be charged for the item tends to drop, even if there is no decrease in overall demand, because consumers can search for a less expensive option. Market equilibrium refers to the market price at which buyers will buy the same number of goods that sellers are willing to sell at a particular market price. [ Show Less ]

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Economic effects of drug legalization and decriminalization
The program for banning the trading and using of narcotic drugs like cocaine, heroine, and marijuana is one of the most essential public welfare program, attracting so much political discourse on the effectiveness of…
Paper Undergraduate
Postmodernism and critical theory in counterterrorism analysis
The paper discussed three schools of thought in studying counterterrorism: critical theory, postmodernism, and feminism. All three schools of thought were considered valid in the study of counterterrorism, as each ideology contributes to the growing knowledge of different perspectives on the issue of terrorism-counterterrorism. The paper concludes with this assertion, with specific examples from current events related to terrorism-counterterrorism.
Research Paper Doctorate
Globalization's negative effects on developing nations' environments
As defined by the World Bank in its handbook on the subject, globalization is defined as "the growing integration of economies and societies around the world." It has been one of the most hotly-debated topics in…
Paper Undergraduate
Post-tenure review policies and faculty motivation in higher education
Aper, J.P. & Fry, J.E. (2003, May/June). Post-Tenure Review at Graduate Institutions in the United States. Journal of Higher Education. 74.3, pp. 241-254.
Essay Doctorate
Enterprise-wide security monitoring strategy for unified systems
For an enterprise-wide security management strategy to be successful, the monitoring systems and processes must seek to accomplish three key strategic tasks. These tasks include improving situational awareness, proactive risk management and robust crisis and security incident management (Gellis, 2004). With these three objectives as the basis of the security monitoring strategies and recommended courses of action, an organization will be able to withstand security threats and interruptions while attaining its objectives. Beginning with the internal systems including Accounts Payable, Accounts Receivable, Inventory, General Ledger, and Human Resources, monitoring needs to be designed to capture strategic threats at the operating system and application level to be effective (Nagaratnam, Nadalin, Hondo, McIntosh, Austel, 2005). Each of the applications in these areas of enterprise software is designed to be used in the context of user's roles and information needs. Restricting access to sensitive information by role as defined in these applications is critical to the monitoring of resources and their effectiveness in delivering value to the organization (Gordon, Loeb, Tseng, 2009). Creating a governance framework hat can provide for enough role-based flexibility while monitoring overall performance is critical for an organization to keep accomplishing its goals while also staying secure (Khoo, Harris, Hartman, 2010). Often the many internal systems of a business are integrated into a common enterprise-wide information platform. Many organizations use Enterprise Resource Planning (ERP) system to unify these many systems into a single system of record to make security management and monitoring more cost-effective (Gellis, 2004). For the many internal IT systems that require IT monitoring, integrating them into a common system of record is also critical as it allows for auditing of cross-system and intra-system transactions. Too often organizations fail in their security monitoring strategies by allowing silos of systems to dominate their overall IT architecture (Nagaratnam, Nadalin, Hondo, McIntosh, Austel, 2005). By applying security monitoring at both the strategic IT level including the system of record and at the role-based access level of each application, organizations can attain a 360-degree level of system monitoring compliance and threat assessment. Having an integrated system security structure also allows for more effective risk management strategies including the ability to isolate and act on security incidents more effectively than siloed systems allow for. Each of the mission-critical systems within a business, encompassing Accounts Payable, Accounts Receivable, Inventory, General Ledger, and Human Resources rely on integration with systems and processes external to the company as well. Integrating to systems outside the organization also present risks to the entire organization as well. These external integration links, whether automated through the use of advanced system technologies or defined through the use of logins and passwords, must be monitoring and audited as well (Gellis, 2004). The risks and need for security are amplified by the use of Internet-based marketing, sales and e-commerce systems (Kesh, Ramanujan, Nerur, 2002). Monitoring of these applications is more challenging as they are open to the public. The first area of monitoring is on security authentication and attempts to break into sales, marketing and e-commerce systems through the use of password generation or cross-scripting attacks (Thompson, 2004). E-Commerce systems are increasingly relying on mobile platforms and support for smartphones running the Apple iOS and Google Android operating systems, both of which can be successfully broken into by hackers (Ghosh, Swaminatha, 2001). The monitoring of Internet-based customer facing systems including e-commerce need to be tracked at the transaction, application, and customer profile privacy levels to be effective (Desai, Richards, Desai, 2003). All of these factors need to be taken into account within a broader network monitoring strategy of inbound Internet traffic in an attempt to find patterns of intrusions that are most likely to occur (Hong, Park, Young-Min, Park, 2001)
Essay Doctorate
The four functions of money and federal reserve monetary policy
The report is on the Fedral Reserve and on money. In September 2012, the FR announced a third round of easing the difficult economic situation, which they called QE3. They pledged to act on this program until the economy is significantly improved. One of the problems is the housing problem, and Federal Reserve Chairman Ben S. Bernanke plans to deal with the housing problem by buying $40 billion a month of mortgage-backed securities. This will also, simultaneously spur growth on the housing market and reduce a 7.9 percent unemployment rate. (Zumbrun, J (November 15, 2012).
Paper Doctorate
School cafeteria food offerings and high school student purchasing behaviors
This article is an expanded annotated bibliography notation of a study designed to track student's choices in the cafeteria. It hypothesized that the presence of unhealthy cafeteria foods reduces the chances that students will purchase healthy foods. The study was four weeks in duration and compared the offerings of three high schools in the same county. Foods in the study were divided into green, yellow, and red groups. Even though healthy foods predominated the percentage of food offerings, students still selected 'red' (high calorie, low-nutrition) foods at a greater percentage relative to the presence of red foods in the cafeteria.
Research Paper Doctorate
Denationalization and security provision in OECD nations
The work of Zangl and Zurn entitled: "The Effects of Denationalization on Security in the OECD World" published by the Joan B. Kroc Institute for International Peace Studies" states: "Denationalization can partly…
Research Paper Doctorate
Media consolidation and the suppression of editorial independence
Media conglomerates have resulted in monotony in news and in entertainment. When one corporation owns a series of seemingly independent news sources, editorial decisions start to reflect the political agenda of the CEOs.
Research Paper Doctorate
Control versus management of information in Sarbanes-Oxley compliance
Some view involvement in information policy, particularly in the government or public sector, as a means of asserting control over information. Describe the subtle, but important differences between "control of…