The first thing that pops into my head when I hear the word economics, is the cycle in which the world operates. We all depend on each other through our jobs in order to keep the world operating smoothly. The farmer pays the automobile company for the vehicles needed to do their farming and we all pay the farmers to supply us with the food we need to survive.This causes the cycle of paying money for the items we need everyday.
The Webster’s Dictionary defines economics as, "the production of wealth or promotion of commercial prosperity". However, I define economics as all of us needing each other for our survival. Every aspect of our economic system begins with teachers, without teachers there would be no doctors, lawyers, builders, electricians, bankers, or police officers. Everyone one of these occupations began with someone teaching them and that person then passed their knowledge down to the next generation. This knowledge ensured that the next generation had what was needed in order to continue to grow our economic system.
I hope my blog has simplified what economics is for you; however I must now say goodbye to my fellow bloggers. I'm off to do some extra chores so that I too can earn the money needed to contribute to our economic system.
Excellent way to close this out!!
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