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Location: Course Information
Discussion: What does "Economics" mean to you?
Keyword tags:
economics
introduction
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 welkerjason |
What does "Economics" mean to you?
May 15 2008, 10:45 PM EDT Welcome to Welker's economics class. You may be an IB student, or an AP student. Either way, I want you to answer one question for me before we start out year or two together: "What does Economics mean to you?" Surely you have an idea of what the subject is about, some preconceived notion of what you will learn in this class. Respond to this thread with your answer to this question. 4 out of 6 found this valuable. Do you? |
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chofer08 chofer08 |
RE: What does "Economics" mean to you?
Aug 19 2008, 11:26 AM EDT Since i have never studied economics, my understanding of the subject is limited. Therefore i can only go by what little knowledge i have learned or been taught by others. By definition, economics is the social science that studies the production, distribution, and consumption of goods and services and at the moment that is all "economics" means to me. i know that due to certain global events the worlds economy tends to fluctuate causing products such as oil to either increase or decrease in value. other than this, the only other information i know is that areas of economics may be divided or classified into types, including: micro and macro economics along with various others. 1 out of 2 found this valuable. Do you? |
 RossHutchison |
RE: What does "Economics" mean to you?
Aug 19 2008, 11:27 AM EDT Right. To me, economics means the study of how the world functions. The topic itself covers vast areas of information that all relate to our daily, past, and future lives. Economics is the study of the driving force behind development and innovation in the world. The topic is not limited to charts and memorisation of laws. It is contanstantly updated and changes on a day to day cycle, based on what events take place around the world. Economics is probably the only course offered to us here at ZIS that deals with real current affairs, how to deal with the, and how to solve them. 1 out of 2 found this valuable. Do you? |
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jpoeschl jpoeschl |
RE: What does "Economics" mean to you?
Aug 19 2008, 11:36 AM EDT Economics means the trading of resources, oil, machinery etc. between several countries and companies, if we talk about logistics. Ecconomy also means to me the production, distribution and consumption of goods and services. Examples are farmers on feelds that produce grain, distribute it to supermarkets, which then consumpt it. 1 out of 2 found this valuable. Do you? |
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Basti23 Basti23 |
RE: What does "Economics" mean to you?
Aug 19 2008, 11:42 AM EDT To me economics is the information about consumption, production and trade. A strong economic country is on that is in a good condition. It produces a large amount of materials and successfully sells them through export and/or local sale. I believe we will learn about how and why natural resources have fluctuating prices. How much economy suffers, or doesn't suffer because of people. Although i have a slight idea about how the economy works. I do not know what to expect in this years IB class. 0 out of 1 found this valuable. Do you? |
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MarenRackebrandt MarenRackebrandt |
RE: What does "Economics" mean to you?
Aug 19 2008, 11:49 AM EDT I don't really know a lot about economics, but I think it's important for most companies. A lot of numbers and statistics are involved in it. It plays a big role in trade and how high the prices are and how these relate to the world market. 0 out of 2 found this valuable. Do you? |
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dedmonds dedmonds |
RE: What does "Economics" mean to you?
Aug 19 2008, 12:13 PM EDT To me this is the first time I am learning about economics. I have read that economics is the social science that studies the production, distribution, and consumption of goods and services. I wonder how much economics has to do with economy. I certainly know that if the economy does not go well gas prices rise, corruption, inflation and food prices sore. A good example of a poor economy currently is in Zimbabwe. Since the current president is corrupt, according to the BBC News Site the economy is in tatters, poverty and unemployment are endemic and political strife and repression are a commonplace. As food prices and oil prices sometimes seem to go up and down independent of availability and demand there also seems to be an irrational component to economics. 2 out of 3 found this valuable. Do you? |
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ddamico ddamico |
RE: What does "Economics" mean to you?
Aug 19 2008, 12:14 PM EDT I have never taken economics before and I have never really engaged in a conversation about it. However, When I hear the word economics the word that pops to mind is "money." I also think of the stock market, investing, trading and big business corporations. I also know that prices of materials are always changing based on supply and demand which has to do with the economy. 0 out of 1 found this valuable. Do you? |
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HoriaStanescu HoriaStanescu |
RE: What does "Economics" mean to you?
Aug 19 2008, 12:21 PM EDT Economics is the study of fully or partially solving unlimited wants with limited resources. A good economist differs from a bad economist when he or she is able to solve or improve on anoutstanding issue by achieving the same result with the use of fewer resources or, when he or she is able to achieve a greater benefit with the same resources. 2 out of 3 found this valuable. Do you? |
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BjornBorgers BjornBorgers |
RE: What does "Economics" mean to you?
Aug 19 2008, 12:32 PM EDT For me this is also the first year of economics. To me economics is the study of how the people live. What they use, what they produce, whether these are material or service based products. I think that globalisation and technology have much to do with economics, since they allow us to get access to information and products much more easily, allowing us to check for the best options we have. This may be good for our wallet, but local economies can suffer severely from these problems. Out-sourcing to save money for example, would mean less people get work in your country. Overall economy is really responsible for the well being of the people. 0 out of 1 found this valuable. Do you? |
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MMarwitz MMarwitz |
RE: What does "Economics" mean to you?
Aug 19 2008, 12:43 PM EDT To me economics is the study of how to distribute a limited number of resources and how to deal with scarcity. It also describes how countries and businesses function. Knowing about economics is vital to understanding global issues, such as large scale infaltions and increasing oil prices. Economics creates a better understanding to how the world works. 1 out of 2 found this valuable. Do you? |
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ZacQuery ZacQuery |
RE: What does "Economics" mean to you?
Aug 19 2008, 12:48 PM EDT I have never studied economics before so I don’t have a “dictionary definition” for it, but for me, when I hear “economics,” I think of supply and demand, markets, prices and the roles of producers and consumers in society. I think of a business and all of the things that go into maintaining it, and of the Stock Market Crash that led to the Great Depression. 0 out of 1 found this valuable. Do you? |
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ChristianEvertz ChristianEvertz |
RE: What does "Economics" mean to you?
Aug 19 2008, 1:27 PM EDT In my opinion, economics plays an essential role to explain the pricing of goods and how this affects our personal lifestyle and the environment around us. The stock market for example is a very important economical instrument where supply and demand determine the value/ price of a product. Of course, this has significant impact on our life, since we are dependent on goods and have to buy them. In simple words, money is the language of the economy as it indicates prices and allows people to trade goods with each other. 0 out of 1 found this valuable. Do you? |
 VeganWarrior |
RE: What does "Economics" mean to you?
Aug 19 2008, 1:46 PM EDT Economics is the study of what people consume, when they consume and how much they consume. Also a good economist should be able to predict these things as accurately as possible in order to be efficient and succesful. At least thats what it means to me. 0 out of 1 found this valuable. Do you? |
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ChristianClausen ChristianClausen |
RE: What does "Economics" mean to you?
Aug 19 2008, 2:02 PM EDT Economics to me is basically the art of earning through trade. It's the art of knowing when, and what to buy, and at finding the right price to sell it for - the company with the cheapest good are not always the most likely to sell. Economics is the engine in the capitalistic world, a competitive system in which people make most of what they can, until the goods are sent into a market to be consumed. 0 out of 1 found this valuable. Do you? |
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yaelburla yaelburla |
RE: What does "Economics" mean to you?
Aug 19 2008, 2:22 PM EDT When I think of economics, I relate it to the way a society organizes its money, trade and industry; it is basically the way in which money influences an area of business. I also think of stock markets and statistical graphs that change depending on their value. With little background knowledge and no experience in an economy class, I look forward to what is ahead of me this year in Microeconomics. 0 out of 1 found this valuable. Do you? |
 AlexHan |
RE: What does "Economics" mean to you?
Aug 19 2008, 2:24 PM EDT I once overheard two economists having a conversation about the general topic of economy. Though it was difficult to get a thorough comprehension of their opinions, they brought up two specific points which I actually managed to understand. One economist claimed, “It’s the study of choice.” While the other mentioned “Wants are the only things that all people have limitlessly.” Although my understanding of economics is undeveloped, my definition of economics derives from these two statements. In contrast to what many people have written in this discussion thread, I believe that economics means more than merely the science of consumerism, trade, sales and investments. Economics to me is the study of the choices that people have made throughout history in order to satiate their unlimited wants. As all people instinctively want to get what they want, economics is a global interest which is why information about the economy frequently appears in the media. Furthermore, I believe that most people associate economics with monetary subjects because of the many circumstances in our society which require money to fulfill one’s wishes. In other words, if there were something besides money which would gives us the many things we desire, money might not play such a significant role in the world of economics. I think I wrote too much 0 out of 3 found this valuable. Do you? |
 Robin_T |
RE: What does "Economics" mean to you?
Aug 19 2008, 2:26 PM EDT We have finite resources and infinite wants and needs. But we cannot have everything because the resources are scares. Therefore we will need to allocate the resources in their best use. Economics to me is the study of how we use our limited resources to satisfy our unlimited wants. 1 out of 2 found this valuable. Do you? |
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mikewilkes mikewilkes |
RE: What does "Economics" mean to you?
Aug 19 2008, 2:37 PM EDT I have never studied economics before, but to me it is the study of how the world market develops and how it rises and fall. It is taking a look at what people buy and sell and where the demand is, and why there may be a demand for it. Saying this i might be totally wrong, but what ever it is know it has something to do with the world and money, and i look forward to this year. 0 out of 1 found this valuable. Do you? |
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GuillaumeDubois GuillaumeDubois |
RE: What does "Economics" mean to you?
Aug 19 2008, 2:47 PM EDT "Economics" is a topic that until now has not been introduced or experienced by me, and therefore my thoughts about the topic only supply a basic viewpoint. Essentially, economics is the hobby (for some) of knowing how to handle a business and its products correctly during certain times of the year which are influenced by currency inflation or simply demand and supply. If handled correctly, a successful understanding of economics can in turn lead to a successful profit and a successful corporation. Economics has not only supported and led businesses of modern capitalists however has also changed the outcome of nations. Well, that is "basically" my idea of economics. 0 out of 1 found this valuable. Do you? |
