Example of an essay on “Economics”

example essay

The economy is one of the most complex and yet easy to understand spheres of modern life. Many believe that it is not necessary for the average person in the street, and that it should be understood only by businessmen, traders and stockbrokers, but it is certainly not so. The word “economy” literally translates from Greek as “organizing and running a household”, and this definition speaks for itself. From this point of view, it turns out that a primitive understanding of the laws of economics is useful to each of us.

What is the role of economics in society? One of the well-known definitions of the concept of “economy” is the totality of relations that develop in the system of production, distribution, exchange and consumption. And if you think about it, it is much easier than it seems. Each of us participates in the process of consumption, exchange and distribution of production products. Representatives of both the most primitive and the most highly developed civilization will always have some needs – in food, water, household items, knowledge, interesting occupations. This means that people of any society cannot do without such a phenomenon as economics. Whether we like it or not, our lives are arranged in such a way that we all change something valuable in order to get something else, some object or service that is of special value to us. And for our convenience, it is important to organize this process properly, otherwise the world will simply be chaotic.

I’m sure the first association with the word “economy” that everybody has is money, and that’s fair enough. Money is everywhere around us, and we exchange it for the services and resources we need. And even if we don’t seem to have any money, it’s just an illusion. Because they are very close by, embodied in the things around us to which we can assign value and which we can sell.

Maybe a simple mortal really doesn’t need to go into details about how the value of the ruble is growing, what the interdependence of currencies is based on, and what the marketing statistics says. But in order to maintain your material condition and the proper standard of living, you need to understand at least the basic rules of purchase and sale, as well as the laws of simple transactions such as the acquisition of real estate and other property.

By the way, housewives know best about the economy. They go to the store every day, calculate the funds they need for a certain number of purchases, distribute the cost of food for cooking to all family members for a certain period of time, etc.

Similar schemes operate in any other sphere, be it medical services, entertainment, food sales or light industry goods. Of course, this is very rudely said, and yet any enterprise engaged in production or trade must calculate its resources and costs to function effectively.

Thus, the economy is one of the leading phenomena of social relations, the essential role of which cannot be denied in our lives.

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