{"id":6393,"date":"2017-05-31T19:00:11","date_gmt":"2017-05-31T19:00:11","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/hccs-macroeconomics-3\/?post_type=chapter&p=6393"},"modified":"2017-08-07T05:57:31","modified_gmt":"2017-08-07T05:57:31","slug":"the-job-of-the-economy","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/hccs-macroeconomics-3\/chapter\/the-job-of-the-economy\/","title":{"raw":"The Job of the Economy","rendered":"The Job of the Economy"},"content":{"raw":" \r\n\r\nThe job of the economy is to manage the scarcity<\/strong>\u00a0of resources and attempt to satisfy as many of our wants as possible through the production of goods and services.\r\n\r\n\r\n\r\n
\"\"<\/a><\/td>\r\n \r\n\r\nThe activities of people involved in the production of goods and services make up the economy. \u00a0For instance, a\u00a0nurse administering a vaccine is providing a service that goes towards our health care needs\u00a0; a fisherman bringing crabs to market is\u00a0helping meet our needs and wants for food.<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n
Economics is a social science that studies how people manage their scarce resources in order to satisfy as many of their unlimited wants as possible.<\/strong><\/div>\r\n\r\n\r\n\r\n
 \r\n\r\nBecause of scarcity, many decisions have to be made:\r\n
    \r\n \t
  • Which goods and services do we produce?<\/strong> \u00a0Amongst all our wants, which ones will we satisfy? \u00a0Healthcare? \u00a0Entertainment? \u00a0Roads? \u00a0How much of each?<\/li>\r\n \t
  • How to we produce those goods and services?<\/strong> \u00a0Which resources do we use? \u00a0More labor, more capital? \u00a0Which technology do we choose?<\/li>\r\n \t
  • To whom are these goods distributed?<\/strong> \u00a0Does everyone get all goods? \u00a0How do we decide who gets them?<\/li>\r\n<\/ul>\r\n<\/td>\r\n
\"\"<\/a><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n

Who answers those questions and how,<\/strong> will determine the kind of economic system your economy will follow.<\/p>","rendered":"

 <\/p>\n

The job of the economy is to manage the scarcity<\/strong>\u00a0of resources and attempt to satisfy as many of our wants as possible through the production of goods and services.<\/p>\n\n\n\n
\"\"<\/a><\/td>\n <\/p>\n

The activities of people involved in the production of goods and services make up the economy. \u00a0For instance, a\u00a0nurse administering a vaccine is providing a service that goes towards our health care needs\u00a0; a fisherman bringing crabs to market is\u00a0helping meet our needs and wants for food.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Economics is a social science that studies how people manage their scarce resources in order to satisfy as many of their unlimited wants as possible.<\/strong><\/div>\n\n\n\n
 <\/p>\n

Because of scarcity, many decisions have to be made:<\/p>\n

    \n
  • Which goods and services do we produce?<\/strong> \u00a0Amongst all our wants, which ones will we satisfy? \u00a0Healthcare? \u00a0Entertainment? \u00a0Roads? \u00a0How much of each?<\/li>\n
  • How to we produce those goods and services?<\/strong> \u00a0Which resources do we use? \u00a0More labor, more capital? \u00a0Which technology do we choose?<\/li>\n
  • To whom are these goods distributed?<\/strong> \u00a0Does everyone get all goods? \u00a0How do we decide who gets them?<\/li>\n<\/ul>\n<\/td>\n
\"\"<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Who answers those questions and how,<\/strong> will determine the kind of economic system your economy will follow.<\/p>\n\n\t\t\t

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Candela Citations<\/h3>\n\t\t\t\t\t
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CC licensed content, Original<\/div>