Economics is production, distribution, and consumption of goods and services, or the material welfare of humankind. A couple things ive learned in economics class is the free market system and how goods and services can determine a free interprice system. It also helps us to know what is relationship between demand and supply. Another thing i learned about was how to plan a business and what is needed to make this business become successful by doing the business plan project which made me understand how to manage the money that goes into making a business. Financing and budgeting is also what i have learned which is used in everyday life by many people in society. Economics helps us to understand how changes in economic policies affects our daily lives. Studying economics can improve your financial situation and you can personally benefit from it. Three economic topics that i have learned throughout the semester is the Free Market System, Business Plan Project and the Personal Finance and budgeting. In the Free Market System is based on supply and demand with little or no government control. A free market is a form of a market economy where buyers and sellers are allowed to transact without state taxes or another other things that involve with the state. Supply and demand are the first things i think of when i hear a free market system because Supply and demand are always equal. The suppliers are ones who try to sell their items for the highest price. The consumers are businesses, that try to buy the type of items they need at the lowest price. But as population increase wages tend to fall for any given unskilled or skilled labor supply. In the Business Plan Project we learned how to create and manage a business of your own. You first need to break down how and where you are going to get the money from to start this business that you want.
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