Why Is Economics So Vital For Any Sovereign Nation

Why is economics so vital for any sovereign nation trying to become prosperous? To quote acclaimed New York Times American economist, Tyler Cowen,† Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life†. Economics by definition is a social science that determines how well a civilized nation operates through financial policy, productions of goods and services, and jobs. Frequently in political speeches politicians stress how imperative it is to reduce unemployment and repair a failing economy. I always thought to myself, what were the underlying causes of these issues and how are they resolved? With macroeconomics you can get a basic understating of concepts that deal with unemployment, inflation, business cycles, taxation, financial policies, and economic growth. Producers and consumers are the two most important in achieving a healthy and stable economy under free market capitalism. Consumers consume which in turn creates demand of a product or service while producers supply those products and services. In a supply and demand economy, there are many theories that try to further understand business transactions. With Law of Demand and Law of Supply we can determine the behavior of both the consumers and the producers. Law of demand determines that price and demand have an inverse affect to each other. As prices of a product and service increase, demand of a product and service will decrease and vice versa whileShow MoreRelatedInternational Law2995 Words   |  12 Pagesname: Institution of Learning: The Role of an Individual in International Law At a glance, one may assume that individuals do not play a significant role in international law. International law may seem too broad to encompass individuals in any society. This is because that international law has no jurisdiction. It applies regardless of the local jurisdiction sometimes even overriding local legislation. Courts may use international law to pass judgement on tricky cases. However, individualsRead MoreInternational Law3004 Words   |  13 PagesStudent`s name: Institution of Learning: The Role of an Individual in International Law At a glance, one may assume that individuals do not play a significant role in international law. International law may seem too broad to encompass individuals in any society. This is because that international law has no jurisdiction. It applies regardless of the local jurisdiction sometimes even overriding local legislation. Courts may use international law to pass judgement on tricky cases. However, individualsRead MoreThe, Blood And Oil : The Dangers And Consequences Of Americas Growing Dependency On Imported Oils744 Words   |  3 Pagespercent – the international community must have free and unfettered access to the region’s resources.† Any disruption in this flow, he warned, â€Å"would intensify the volatility of the world oil market [and] precipitate economic calamity for developed and developing nations alike.†(p.4) In laymen’s terms Binford Peay III affirms that because both the United States and other countries depend so heavily on the import of oil from the Gulf States, if this access was to be cut off, it would do nothingRead MorePolitical Views Of A Democratic Country950 Words   |  4 Pages Political views refer to a body of ideas that points the beliefs of people of a nation, the political system of governance and all other aspects of the governance of a country. 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Except a great deal of effort made by Chinese people, this unbelievable rate of improvement in China may also have an indispensable relationRead MoreThe Eritrean-Ethiopian War Boarder Problem1238 Words   |  5 Pagestwo-year conflict in the Horn of Africa primarily focused on territorial disagreements . Many argue the border disputes between the two entities stem back to Eritrea’s 1991 war of independence from Ethiopia1. Since that time, the two strikingly similar nations have fought relentlessly over Badme, border territory claimed by both1. In 1998, Eritrea broke international law and set the war in motion by invading Ethiopia . An end to the hostilities looked promising in 2000 when both sides agreed to a comprehensiveRead MoreEssay about Ethnic Co nflict in the Middle East1665 Words   |  7 Pageswell rooted in the worlds history and perhaps inherent in human nature. This type of conflict is difficult to resolve as is evident in the situation in the Middle East. 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The issues of direct and indirect taxes are numerous and this essay will discuss two major aspects of each using the recent issue of Scotland’s independenceRead MoreThe Southern China Sea Dispute1558 Words   |  7 PagesCommittee: 6th Legal Topic: South China Sea Disputre Country: Nigeria BACKGROUND The Southern China Sea dispute is essentially a contest between China and Vietnam, Philippine, Malaysia and several other Southeast Asian nations over territorial control in the South China Sea, which includes some of the most strategically important maritime territory on earth. China claimed the sovereignty of territory by far the largest portion of territory - an area defined by the nine-dash line which stretches