The Economy Is What Makes The World Go Round Economics Essay

588 words - 3 pages

18000787 The Economic Cycle Flow 06/03/18
Tesca Becker
The Economic Cycle Flow
The Economy is what makes the world, as we know it, ‘go round’. “Economics is the study of people and the choices they make.” Economic problems and affairs get a lot of back-lash and coverage in newspapers, magazines even on television channels that deal exclusively with economics and the problems the economy faces. Economics is a broad subject that deals and looks at the world’s point of view that focuses on scarcity. It can be in Products, services, manufacturers, labourers etc.. It is study of how people, companies, government and other organisations (profit and non-profit) within our society choose to use scarce resources to get different needs and wants efficiently, quickly and fairly satisfied.
There are two types of economy’s- open-economy and closed-economy. An open-economy circular flow is an economy that is taking part in foreign trade (imports and exports) of goods and services. Closed-economy circular flow does not allow foreign trading; they use their national resources to satisfy their needs and wants. The open economy circular flow is also called the “four-sector model”, because it consists of four main topics known as : “households, businesses, government and the foreign sector”, they are what forms the economy. All of the above mentioned topics go hand in hand with each other. The ones action influences the other thus they need to work together to be successful.
Foreign sector (import and export) ->
Businesses/producer/- Households/consumer
Households are also known as “Consumers”. Households are a group of people or an individual who has a joint income that makes buying goods and services decisions together. Households make up the factors of production,...

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