Essay about Divisions of The Field of Economics - 1407 Words

Economics is the science that permits you to assess your companys position in the business cycle as needed. Economics works hand-in-hand with corporate strategy. While strategy addresses the â€Å"how† and â€Å"why† of business decision-making, macroeconomics tries to pinpoint the â€Å"when† of strategic decisions. As a member of the management team in a growing business part of your responsibilities will be to analyze economic conditions and predict recessions and recoveries based on the business cycle. If you anticipate a recession, you will probably propose cutting production and trimming inventories. You may even have to downsize the company, either by layoffs, hiring freezes, curtailing capital spending, or any combination of the three; in†¦show more content†¦Macro Economics The field of economics is split into two distinct branches. Microeconomics covers the functioning of individual markets for goods and services. It addresses how these markets are structured and how the pricing of goods and services and production costs is determined. Micro economists believe it is the forces of supply and demand in any market eliminate any shortages or surpluses in that market. Using Adam Smiths invisible hand metaphor, competitive markets will provide the most efficient distribution of resources. Macroeconomics focuses on shifts in the business cycle, and the implications of these movements in economic growth, inflation, recession, productivity, budget deficits, trade deficits, and the value of our currency. Macroeconomists believe that the broader economy, composed of many goods and services will not always self-correct. Lengthy periods of unemployment and inflation can occur, as well as trade deficits; and it may take government intervention to remedy the situation. Therefore it may be necessary for government to periodically stimulate the economy during a recession or restrain the economy to slow inflation or decrease the value of the currency to improve the balance of trade. Government achieves this by applying fiscal, monetary, and exchange rate policy tools. When government changes fiscal policy, it uses increased expenditures or more tax cuts to stimulate the economy. When it wants to fight inflation it can reduceShow MoreRelatedStoke City Case Study975 Words   |  4 PagesSeasons One to Three In division three, the lead-up to the first season was uneventful. But, after season one gameplay, Fulham was relegated to division three in place of the Wolverhampton Wanderers, lifting division three ATL to 4.28. Even so, the preparation for the second season saw little talent movement, with only Crystal Palace trading talent, acquiring one unit to own a total of five and increase division ATL to 4.43. 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It was in 1972—40 years ago this year—thatRead MoreClassical and Neoclassical Economists: Adam Smith and John Maynard Keynes1289 Words   |  6 PagesIn order to understand how economics really work in today ’s age we must think about how those economic ideas, revolutionary theories of many economists, that helped to shape the economic structure as we know it now, through many individuals and school of economic though that has existed through the ages. These schools are â€Å"the mercantilists, the physiocrats, the classical economists, Marxian economics, the neoclassical economists and the monetarist economics. For this essay I will only refer to