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The study of economics is helpful in several ways . Some of these I

will comment on . First of all , technology levels affect a societies economy ,

so by learning what products are produced and how they are produced , you can

see how technologically advanced a society is . By examining where the produced

goods are sent/used you can get a better idea of what type of government the

society is run by . By studying an economy and seeing how the economy uses

resources , you can learn what resources the society controls and which ones the

society needs . Tied in with this factor of resources you can get an idea of

which countries have leverage over other countries .

An economist how a society or government meets the needs and wants of

the populace , either through production or commerce . Economists see the world

as a) profitable b) unprofitable c) and they see opportunity costs . By

viewing the world in such a manner they are able to help in the decision making

involved with money and industry . They can help to save money , resources ,

labor, and time .

Microeconomics is the study of an overall economy . In studying

microeconomics you study a wider range of services , productions , exchanges .

While not as discriminate as macroeconomics , you can get a broader picture and

grasp the basic concepts of an economy .

Macroeconomics studies the study a single aspect of an economy , lets say the

mining of coal . You don't research the delivery , the ‘market' ; all you study

is the actual mining process . While this may be more limited in scale , you can

learn more about that specific process . You don't see the whole picture but you

can find the specifics on that subject .

Personally I don't think that the physiocrats theory would work . I

think that if we tried to follow there theory and have the government abstain

from interference , many of the smaller businesses would quickly be closed down .

I think that a great many monopolies would be created and we would have the ‘

railroad barons' problem that we had in the 20th century . I feel that the

government is hindering at many times , and still they seem to be helpful in

some areas .

The business that I chose to depict was the custodial division at Chico

State University . Both of my parents work there so I chose this area of

business . The factors of production pertaining to this field of work would

include people/labor , cleaning liquids ( such as disinfectants and Windex ) ,

and dirty rooms (joke) .

For the land I would have to put down electricity , water , large amount

of goods manufactured using plastics which in turn uses oil . As for the capital

of the business I will say that the cleaning machines , and large supplies of

cleaning materials would fill this category .

The entrepreneurship of the custodial business is the tricky part . I

guess that you could say that the custodians risk there social lives ( because

they work graveyard shifts ) in exchange for making a decent salary . As in the

case of my parents , it paid off .

The way that I see it , our largest problem has to do with the natural

resources . People will always want and need things , but if we do not limit

and reserve the resources that we have , we are not always going to have our

resources . Demands cannot be met when there is nothing to meet them with. You

can't artificially make everything . You need to start somewhere .

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