Question

Explain in detail with 300 to 500 words to describe personal Economic Value System both on the macro and the micro levels.

Answer 1

Economics is concerned with the well-being of all people, including those with jobs and those without jobs, as well as those with high incomes and those with low incomes. Economics acknowledges that production of useful goods and services can create problems of environmental pollution. It explores the question of how investing in education helps to develop workers’ skills. It probes questions like how to tell when big businesses or big labor unions are operating in a way that benefits society as a whole and when they are operating in a way that benefits their owners or members at the expense of others. It looks at how government spending, taxes, and regulations affect decisions about production and consumption.It should be clear by now that economics covers a lot of ground. That ground can be divided into two parts: Microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses; Macroeconomics looks at the economy as a whole. It focuses on broad issues such as growth of production, the number of unemployed people, the inflationary increase in prices, government deficits, and levels of exports and imports. Microeconomics and macroeconomics are not separate subjects, but rather complementary perspectives on the overall subject of the economy.

Economic value can be described as a measure of the benefit from a good or service to an economic agent. It is typically measured in units of currency. Another interpretation is that economic value represents the maximum amount of money an agent is willing and able to pay for a good or service.Economic value is the maximum amount of money an agent will pay for a good or service.The economic value of an item changes as the price or quality of similar or associated itemschanges.Citizens often express that the government should be run like a business or household in the way that money is saved and spent, though individuals vary in their personal financial preferences and attitudes toward money. To explore the relationship between the personal and political, we draw upon research in psychology, economics, and consumer science on personal economic values, such as materialism and the importance of saving money. Methods: Using a survey of 340 adults, we test connections between political ideology, the Big Five personality traits, and money conservation and material values. Results: Our data suggest that values regarding personal money conservation are unrelated to economic policy attitudes like welfare spending and wealth redistribution, but the value individuals place on material items is predictive of these political preferences. Conclusion: By showing the political significance of personal (and nonpolitical) materialism values, we contribute to a rapidly growing literature showing that political attitudes and behaviors are best understood in the context of the larger social world.

It should be clear by now that economics covers a lot of ground. That ground can be divided into two parts: Microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses; Macroeconomics looks at the economy as a whole. It focuses on broad issues such as growth of production, the number of unemployed people, the inflationary increase in prices, government deficits, and levels of exports and imports. Microeconomics and macroeconomics are not separate subjects, but rather complementary perspectives on the overall subject of the economy.