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Economics - Essay Example

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Microeconomics is a field of economics, which involves studies of how households, firms, and individuals make resolutions of allocating scarce resources. Microeconomics is the study of the behavior of individual economic units. Microeconomics scrutinizes how these resolutions…
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Download file to see previous pages Macroeconomics focuses on the international and national economic trends. Neoclassical economics pursues economics through means of demand and supply models, which determine prices on the basis of subjective preferences of consumers and producers. Neoclassical economics depends on subjective preferences in determining prices.
Sustainability is associated to the quality of life in a society. It determines whether the environmental, social and economic systems, which make up the society, are offering a productive, meaningful and healthy life for the current and future generations. Sustainable development is the growth, which satisfies the requirements of existing generations without compromising the capability of upcoming generations to satisfy their requirements. There are three features of sustainable development; economic sustainability, environmental sustainability and social sustainability. Environmental sustainability is described as sustenance of life supporting systems. Economic sustainability is described as sustenance of economic capital. It refers to the maximum amount of revenue, which may be spent without diminishing future consumption. Social sustainability is described as sustenance of social resources. Sustainable growth should integrate these categories of sustainability and employ them in ensuring that development is sustainable.
There are developments of the new economic ideas in the modern economy. The world economy has experienced various economic conditions and new ideas are evolving, complementing the traditional economic ideas. The following are the alternative economic ideas in the modern economy. First, modern economies are considering shifting from outsourcing to in-sourcing. Economies are encouraging local production to enhance domestic employment. Another idea includes the accessing of wealth of the locals; information and communication technologies are changing ...Download file to see next pagesRead More
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