Governments+&+Economics





=Economic and Government Discussion:= = =

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Macroeconomics is the field of economics that studies the behavior of the economy as whole and not just on specific companies, but entire industries and economies. ======

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Microeconomics is the part of economics concerned with studying decisions that people and businesses make regarding the allocation of resources and prices of goods and services. ======

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Reflection: I think I did well in explaining the definition of economics and the two types. But I should’ve explained more deeply. ======

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**What are problems with economics as a field of study? ** ======

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The problem with economics as a field of study is that economics is a very wide subject. It has a lot of branches and details that affect it whether in a simple or deep way. So the economy of a country does not remain the same, there is always something that affects and changes it. That is why economics is a hard field to study. Reflection: I think I answered this question faire enough, although It could’ve be more detailed. ======

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We can measure the development of a country by looking at their GDPs, HDI (national income, life expectancy and education) and if they’re industrialized. We also look at the country whether it was safe, healthy and free. ======

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Reflection: I think I did well because I listed the main points that make an economy strong. Although it was a brief answer but I think it was good enough. ======

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1- Market economy: consumers and their buying decisions drive the economy. Governments play a minor role. The assumptions of the market play a major role in deciding the right path for a country’s economic development. ======

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2- Planned/Command economy: Governments play a major role in this economy because all the decisions that are related to the production, distribution, commodity and service prices are made by them. ======

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3- Mixed economy: combines elements of both planned and market in one economy. Both government and business sectors play an important role in making economic decisions of a country. Reflection: I mentioned the different types of economies and explained each one of them. But it would be better if I gave some examples. ======

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**Why is economics and trade important? How are they related? ** ======

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The relationship between trade and economics is that trade makes a country wealthy and economically strong. So trade is important because without trade there will not be any economy, and without an economy there will not be any trade. For example if a country is known because of it’s high economy, other countries tend to buy more from them because they know that it has more to buy with and it has good products and if that happens they will have a high profit and good sales that makes them create more jobs for those unemployed workers. ======

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Reflection: We discussed this question many times in class, so I was able to answer this question easily because I understood it. ======

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**<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">How can countries affect each other positively or negatively through economics or trade? ** ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">Countries can affect each other positively by making relationships with other countries, trade and support each other as one unit like the EU. They all benefit from each other. While countries can affect each other negatively, for example if country A relies and depend on country B, they may benefit from each other but there are risks too. If country B economy goes down then country A economy will go down as well. ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">Reflection: I just listed one point for each effect. It could’ve be better if I researched more about this question and had more details and effects. ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 90%;">**<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">How is economics regulated? Provide examples of how governments regulate economies, control economies, or how they encourage growth? ** ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">Governments control economies by making rules and constitutions for the people to apply. That helps in making the country stable and balanced. And also governments can encourage growth by providing public services for the citizens like infrastructures, water, health care, security, and trading with other countries. These previous factors make a country wealthy and well developed. ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 90%;">**<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">How do governments and economies affect poverty whether in their own country or around the world? ** ======

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Poverty rate in a country is affected by many reasons, and the most important reason is how the country benefit from the resources they have. If a country didn’t use their resources in a good and smart way then that will eventually affect them negatively. Because by then the country will have bad reputation and other countries will not trade with them because they are poor. Countries are measured by their imports and exports. If a country had imports more than exports then it is not economically balanced. Also countries that have lots of imports are poor because they pay a lot of money on tariffs and taxes for outside trading. So if a country has a good government then they’ll use their resources in a way that benefit their country. ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">Reflection: I researched about this question and I think I did quite well in answering it. But if I were more organized in my thoughts it would be better. ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 90%;">**<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">When did modern economics begin? What was necessary for this to occur? ** ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">It began at the time of Industrial Revolution, in the 18th century. That changed the way of thinking because science and technology was introduced. By then economics was studied more. ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">· <span style="font-family: 'Times New Roman',Times,serif; font-size: 90%;">**<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">Who gets the benefits of economic interaction and trade? ** ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">Governments, investors, communities, firms and households they all benefit from economic interaction and trade. Governments benefit from taxes and tariffs that people pay on goods or services that they buy or sell so simply from the trade they do. And that benefit the whole community, because that help the government to provide services and infrastructures for the citizens. Investors benefit from the trade and business that brings profit and income for them. Households and firms benefit from the things that they buy or sell or even produce. In sum mostly everyone benefits from interactions and trading. ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 90%;">**<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">Are people naturally inclined to trade and create an economy? What is required for this to occur? ** ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">Yes, I think that people are naturally inclined to trade and create an economy. It all start from the ancient days, people used to exchange things. For example if two ladies exchanged salts for pepper then the main reason that she exchanged it from the first place was she needed for her food. So people trade to satisfy their needs or wants. And the different needs and wants of people is the reason that is required for this to occur. ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 90%;">**<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">How are economics and globalization related? In what other ways can you see the effects of globalization and economics in a society? ** ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">Economics and globalization are related through trade. Trade plays a big role in economics because without trade the economy will fall down. And it will not have money that it gets from having taxes and tariffs on their goods. On the other hand trade plays a big role in globalization because without trade the world wouldn’t be globalized and that will make life harder because there is no easy communication or choices that trade offers. ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">Reflection: I think my answer was good. I’ve mentioned how the two terms are related and explained it. My answer would’ve been stronger if I provided examples. ======

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<span style="font-family: 'Times New Roman',Times,serif; font-size: 130%;">I think I did pretty well in answering the question. I did some research for most of my answers to understand them more. But in class discussion I wasn’t happy with what I have done, because I was nervous and stressed so I didn’t talked that much. But that was my first experience in discussions in humanities classes and the first time is always the hardest. So I hope I will do better next time. ======