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Six Fundamental Principles of Economics Learning economics gives people a better understanding of the economic and financial realities around them, improving their ability to save, invest, produce, consume, and even vote. These key principles are true to all areas of economics, but could be applied uniquely, depending on the specific circumstances. Here are the six basic principles of economics: 1. Scarcity forces people to make choices.
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According to economists, scarcity is innate in the world we live in. With this, they mean that available useful resources will never be sufficient for people’s desires and necessities. Hence, they always need to select from competing choices. For example, they have to decide whether to spend all of their scarce income or save some for the rainy days.
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2. Every choice comes with an opportunity cost. Each time a consumer or producer or an investor or saver decides, an alternative action is always available. Economists refer to the forgone choice as the opportunity cost of a decision. In decision-making, the value of the opportunity cost should be taken into account. To illustrate, when a person decides to save $100 of his after-tax income, he is giving up goods and services worth that amount, and that is the opportunity cost of his decision to save. 3. The response of people to incentives is predictable. An incentive is something that affects the choices people make. If there’s a change in incentives, people’s actions are also likely to change in predictable ways. For instance, a rise in real interest rates offers the incentive to save more and spend less. 4. People’s choices are shaped or affected by market forces and economic systems. People’s financial decisions are made within the framework of an economic system. In particular, the type of economic system – command, market, traditional or any combination – plays a huge part in the choices they make. As an example, people in a strict command economy, such as in North Korea, where majority of properties are government-owned and controlled, people do not have the liberty to make stock market investments. 5. People’s choices lead to intended and unintended future consequences. According to economic experts, the costs and benefits of our decisions – intentional or unintentional – reveal themselves in the future, as this is the only time we can influence or affect. For example, a government may put a cap on gasoline prices to help consumers; however, this can lead to the unintended result of black markets, long lines at the pump, etc. 6. People gain from trading voluntarily. People do not make all the goods and services they need. Sometimes, they make less products and services and then exchange them with others as a way to satisfy their economic desires or necessities. A person who works for a company, for instance, gains from his salary and employment benefits; in turn, the company also gains from the work he provides.

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Why High Economy is Important to Each and Every Country Most if not all of the nations and countries all around the world should have different classes of economy. It is indeed ideal for a country or nation to highly focus and address the need to increase their market economy so that their country or nation will be able to grow in a much quicker pace. While some countries and nations may have some trouble on the process of economy growth, other countries and nations are well known to have either a stable economy or extraordinary economy growth. Most 1st world countries all over the world are basically the top class with very high or stable economic growth and improvement. Having high economy basically signifies how rich or how poor the country or the nation is as well as their development rate. Each and every single individual who lives in the country or nation is the ideal contributor to their economic growth and everything, where everything that they would do in their daily lives would highly effect the economy of their country, such as trade, production, distribution, work, education, consumption of goods, and even personal relationships. It is mainly due to the fact that money that is spend or earned by a citizen of a nation is the most vital element of the economic system. Other ways to measure the economy standpoint of the country or nation can be found below.
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The first easy way to deduce the economy of the country is to look what their local currencies exchange rate is to other countries, where the main standard for exchange rates in the whole world is the US dollars, and it is mainly due to the fact that most nations and countries would more than likely exchange their money to US dollars and they sometimes earn money in this currency as well, so whatever stand point your exchange rate is to the US dollar would basically show you how your country is doing in terms of its economic growth and development.
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The economy is also affected with the unemployment rate of the country or nation, since having a huge amount of unemployed individual living in your country or nation signifies that your country or nation is not in its peak potential in the economic scale. And last but not least is the measurement of the gross domestic product or GDP of the nation to find out how well their economy is, since GDP is basically the estimation and measurement of the market value that is produced in the local market such as goods and services in either a quarterly or yearly format.

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Viewing The Economy On A Different Perspective When you listen to the news nowadays regarding the economy, it might seem like it is always bad news. Every move you make that involves money will have to be based on the state of the economy of your country so that you will not end up throwing money down the drain. This article will give you a different take on the economy. Despite the economy being very unpredictable, there are still companies out there that are not just trying to get by, but are rather thriving. Looking at thriving companies, you might think the economy is good because they are doing good. This is something that is normally seen so you should not be surprised when this happens. Direct sales of certain industries have been observed to grow even when recessions occur. You might have heard on the news that from time to time, we experience recession and some people are being let go. Not everyone thinks very highly of direct selling when talking about the downs of the economy. The main reason behind this is that companies react differently to recessions so there will always be some who will have bad experiences with it. There are several factors you have to consider when deciding on economic matter and one of that would be time because it has been said that in due time, a company that has fallen down, will be able to get back up since the economy is actually a roller coaster that goes up and down all the time.
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The World Federation Direct Selling Associations is a non-government association whose sole purpose is to maintain ethical conduct when it comes to economic matters especially those that involve direct selling. Organizations like the World federation Direct Selling Association operate with an important goal in their mind which is to get people to understand and support the world of direct selling and they do this by:
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1. they keep tract of all the processes that go on and make sure the ethical conduct is kept intact. 2. the media has a huge impact on the state of the economy by influence how the people think and this is something that these organizations keep in mind. 3. trust of the public is the most important thing they take care of and they maintain it by ensuring them that the information they give is nothing but true. 4. the re re several issues that the economy tackles on a regular basis and it is the job of these organizations to make sure that the companies are fully aware of it all.