Governments+and+Economies+Reflection

· What is Economics? (Discuss definitions of types, discuss definition of social science) Economics is the study of how individuals, business and governments make choices when faced with limited supply. Social sciences: the branch of science that studies the society and the relationship of an individual within a society. Types of economics are: Micro: study of the economy of a small village, small business, etc. Macro: study of the economy as a whole in a country or big business. A) I explained social sciences, which no one in the group did and gave a general answer to the meaning of economics. B) I didn’t mention types when I explained it

· What are problems with economics as a field of study? It’s a far too broad topic and it has too many variables, which makes it inaccurate because of the many assumptions and inexact models. A) I explained it in general B) My answer was too general it needed more details · What are ways in which you can measure the development of a nation-state? You can measure the development of a country through the level of GDP, HDI, industrialization, the life expectancy of the citizens. A) I included many sides of the answer B) Needs more description. · What makes an economy strong? Good government makes an economy strong. A good government is one which gives its people a free, healthy, and safe environment to live in. another thing that makes the economy strong is good relations with other countries which makes them trade more easily and more frequently. A) explained stuff about the government. B) There are many more aspects to the answer I could of said. · What are the different types of economies? Mixed: mixture of socialism and capitalism. Free: in a free economy most of the property is owned by the people, has an open market and it is decided by the supply and demand curve. Communism/planned: In a planned economy the government decides everything and everything is divided equally between the people. A) Explained the types and mainly what they were B) Maybe give examples on countries that use these economy systems · Why is economics and trade important? How are they related? Trade is related to economics in terms of making a country rich. The country that does not trade cannot get richer because the money would just ago around in that country. A) gave an example B) need to understand the answer better · How can countries affect each other positively or negatively through economics or trade? When one country that trades with other countries has a bad economy · How is economics regulated? Provide examples of how governments regulate economies, control economies, or how they encourage growth? · How do governments and economies affect poverty whether in their own country or around the world?

· When did modern economics begin? What was necessary for this to occur?

· Who gets the benefits of economic interaction and trade?

· Are people naturally inclined to trade and create an economy? What is required for this to occur? I think that humans are naturally inclined to trade because ever since the start of time humans have traded all kinds of things together. A) related the question to the beginning of time. B) didn’t give good examples · How are economics and globalization related? In what other ways can you see the effects of globalization and economics in a society?