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Economical Concepts - Assignment Example

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Microeconomics refers to learning of the decisions made by individuals and businesses concerning the distribution of resources and costs of products and services. This includes taxes and rules established by governments. …
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Economical Concepts
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Economical Concepts Insert Economical Concepts Microeconomics refers to learning of the decisions made by individuals and businesses concerning the distribution of resources and costs of products and services. This includes taxes and rules established by governments. Macroeconomics conversely is the subject of economics that examines the performance of the financial system as a complete and not only on precise organizations but also to the whole industries and financial systems (Thompson, 2002). Therefore, it examines wide range of economical prodigy like Gross National Product (GDP) and how modifications distressed it in national income, unemployment, growth rate, and cost levels.
The New Right of economics came to power in late 1970s and early 1980s, which was an amendment of the previous third force which was meant to free the rich people from excessive taxation. New Right was established to bring equality in the financial system because the rich were harassing the poor because the rich did not pay tax while poor people paid a lot of tax. Therefore, it was meant to bring equality among the poor and the rich (Aaronovitch, 2006). The only difference between the New Deal Order and the New Right is that in the New Deal Order, there was some form of discrimination against low and middle class people over taxation while in the New Right; there was equality in taxation process. The New Right emerged in 1970s because during the period of 1950s and the early half of 1960s, there was a post-war which materialized from the Second World War (Thompson, 2002). Therefore, during those periods, it was difficult to stabilize the economy of a nation under war. However, by 1970s, the war had seized and America was working hard to stabilize its economy and it is during that period that capitalism emerged and played a critical role in shaping the economy of the nation.
Money is classified into three major categories; M1, M2 and M3. This means money in the hands of the public, money in the bank accounts and m3 stands for both money in the public and money in accounts. Now, since the credit card is not among the three categories of money, then it is not part of money or it is not money (Thompson, 2002). However, credit card is very popular today and closely associated with money. This is because the credit card is used to withdraw money from the bank meaning that any person who has both credit card and money in the bank has his or her investments secured. Credit card has a massive impact on the economy of a nation. The US economy for example has been greatly affected by the introduction of credit cards. Money lenders are complaining that the credit cards are corroding the economy through pressing consumers (Aaronovitch, 2006). The recoil is greatly affecting the credit-worthy consumers and intimidates a previously stressed up banking field with another gesticulate of unparalleled losses. In general, lenders gave an approximation of $21 billion in awful credit card loans in 2008 since the borrowers failed to pay the loans. This trembled economy of US heavily with lenders being the most affected.
Aaronovitch, S. (2006). ‘The Alternative Economic Strategy: Goodbye to All That?’ Chicago: Harvard Publishers
Thompson, N. (2002). Left in the Wilderness: The Political Economy of British Democratic Socialism Since 1979, New York: Acumen, Chesham Read More
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