What Is Economics?

What is economics? An economy is a particular area of the market exchange, production and distribution of products and services, by various agents acting on behalf of their fellow consumers. In simple terms, it is defined as a social community that define the cultural practices, discourses, and objects related to the production, utilization and control of economic resources. Economists, by contrast, are persons who study how individuals and institutions organize production, distribute, market and save resources. There are various schools of economic thought prevalent in today’s society, each anchored in its distinctive interpretation of the classical economic problem.


Classical economists distinguished between the economic problem of production, distribution and consumption, on the one hand, and the political problem of politics, land ownership and taxation on the other. The problem of production refers to the capacity of a physical product to satisfy the demand of consumers. On the other hand, the problem of distribution refers to the efficiency of a distribution system. Finally, the problem of government finance refers to the ability of a government to efficiently invest the accumulated wealth of a country.

Modern macroeconomic theories concentrate less on the definition of an economy, as they see the study of economies as part of macroeconomic theory, which postulates the inter-dependence of economic variables. Hence, there is more emphasis on understanding macro economic concepts like inflation, unemployment rates, balance of payments, interest rates and international trade. The main macro economic concept is expressed in the concept of economic growth, which is the rate at which economic inputs, such as labor and capital, are used in raising the level of Gross Domestic Product (GDP). Economic growth is a basic concept of macroeconomics, which expresses the ability of a country’s economy to increase the level of Gross Domestic Product, or its gross domestic product (gDP).

Main Article on Business – How to Start Your Business

The first step to starting your own business is to define what type of business you want to start up. A business is loosely defined as a separate entity or organized set of activities undertaken to bring together the profit and the greater good. In business, individuals are the entrepreneurs who conduct business affairs and make money. Business enterprises may be either for-profit or non-profitable organizations that work to meet a social purpose or further a charitable cause. While it’s easy to think of business owners as wealthy individuals, business owners often have a wide range of responsibilities and income. The better organized your business is, the more opportunities there will be to take advantage of various aspects of your life to help your business grow.


Intellectual property is another important issue to consider when building your business. This refers to the idea or concepts behind your products or services, as well as the methods and procedures used to create and produce those products and services. It is often used by business owners to secure the future of their businesses, as well as to avoid breaching other people’s intellectual property rights.

A very important main article to business planning is corporate law. Corporate law is primarily concerned with setting the legal framework for a corporation, and the basic functions of any hybrid private/commercial entity created by the law. As you probably know, corporations are mostly created by some kind of entity, which then grants them the legal rights to carry on business under a corporate form. Some examples of such entities are limited liability companies (LLCs), public companies, partnership, Limited Liability partnerships (LLPs), and corporation all of which are formally created by statute, but not yet incorporated as legal bodies by the UK’s Commercial Law Rules. The main issue with corporate law is that there are several types of entities, and different types of companies, and so the precise formation of your company will depend on its exact purposes.

An Introduction to the Economic System

An economy is an ensemble of the distribution, production and exchange of goods and services, by different agents, within a community. In economics, the term, economy, is used to refer to the processes, patterns and relations that regulate the interaction of people within a community or society. In broad terms, it is defines as ‘a social realm characterized by the practices, discourses, institutions and material manifestations associated with the production, management, utilization and control of resources.’ It is also defined as a ‘collective body of people and institutions which may vary from community to community.’


Economies have been described in various terms. For example, some economists define a contemporary economy as a system of markets and relationships in which prices are determined by the demand and supply functions of the market participants. On the other hand, the theory of economic systems suggests that there are numerous possible forms of economies. Within the narrowest sense of the term, economies are collections of goods, services and activities that are produced and exchanged according to a particular law or price signals. Economists also define economies as living standards of the level most appropriate for the members of the community.

Examples of modern economies include commodity and capital economies, natural resource and welfare economies and political economies. The classical liberal conception of the economy denies the existence of a unique economic system, maintaining instead that there are only two distinct kinds of economies: namely, the capitalist economy and a socialist economy. The distinguishing features of capitalist economy are that it involves a direct exchange of goods, services and resources between producers and consumers and that it is characterized by the creation of surplus value, i.e., surplus value generated through the investment of human and physical resources.

Environment Variable Management

Environment refers to everything that exists in the physical world including the non-physical aspects such as air, land, water, sun, and so on. The natural environment encompasses everything living and non living things happening naturally, which means in this case non-human. The word is most commonly used to describe the entire Earth or parts of the Earth. It includes living organisms such as plants, soil, animals, humans, and other kinds of geology, geophysiology, and planetary formation.


The use of the term “natural environment” began in the late nineteenth century, with the publication of Charles Darwin’s book, The Origin of Species. It explained how all living things on Earth came about through natural processes, without the interference of any outside forces. Since then, the scientific community has explained everything regarding the natural environment, including how it came about, and how it is maintained today. However, over time different theories have been developed that attempt to explain how the environment might be created artificially. In addition to this there are also discussions concerning the effects of human activity on the environment, such as the depletion of the ozone layer, global warming, and other man made problems.

There are several ways in which the environment can be managed. Managers are involved in the planning, organization, and controlling of the environmental variables. They do this by implementing techniques that deal with external factors such as construction, design, materials, power, temperature, lighting, ventilation, and communication. There are also those involved who control and monitor the environmental variables in office buildings and factories. In this way they ensure that everything runs according to plan, and that the building functions properly for the utilization of the resources available.

What Is A Simple Economy?

An economy is a place of association, exchange, production and distribution of products and services, by different producers. In economic terminology, it is commonly defined as ‘a social network that emphasize the practices, modes, and materials of production and consumption by various producers.’ The different producers can be grouped into classes according to their relations to one another such as rich, poor, medium, or developing. It is also sometimes grouped according to their ability to produce and sell goods, such as productive, non-productive, and developing.


In simple economy, money is usually used as the measure of value. Goods and services are not exchanged nor measured with any kind of units. Rather, the value of the product is determined by its usefulness and the needs of the community, where it will be produced. Simple economies operate on the principle of ‘useful to others, costly to none’ (Waldheim & Pickering). For instance, two households in the community may decide to exchange raw materials such as oil for other goods in the form of money, so that every individual in the community has access to sufficient funds to obtain food when they need it.

Economists suggest that, because of the existence of complex markets and other factors affecting the distribution of income and prices, the distribution of wealth in society is not normally distributed equally. Instead, there are differences in wealth between classes and even within classes. Simple economies, on the other hand, tend to distribute income more evenly between individuals through the operation of complementary market arrangements among businesses that purchase the raw materials or other resources of consumers and sellers of these goods and services who offer them as compensation for their services. The most important economic characteristic of a simple economy is the existence of a product market where producers and sellers meet to determine the price that each class of consumers will pay for the services they need to provide. The prices are set so that each class has enough money to provide its needs and, hence, have enough money to invest and save for future goals.

Common Types of Business Profits

An individual who is not a professional or resident of the United States may not qualify as a sole proprietor for purposes of the US tax law (section 5 Shibler). A business is defined as any entity or individual engaged in commercial, investment, or administrative activities for profit. Businesses may be either for-profit corporations or non-for-profit organizations that work to meet a social cause or further a charitable purpose. A US citizen can form a corporation, but only if the corporation is not a company organized under the laws of the United States. It must be recognized by the United States customs and should register its name under the laws of the state in which it is established.


One of the most important aspects of a business is its profit or income. Profits are usually the basis for all other assessments of a business’s capital structure. Common types of measurements of profits include gross revenue and net revenue. Other measures of profits are the extent of assets (in the case of publicly traded corporations), the extent of liabilities, and net worth. All of these measurements are used to determine the value of the company.

Dividends are payments made by a corporation to its shareholders, in order to dividend on their shares in the profits of the corporation. Payments may be annual or semiannual, and shareholders may choose to receive payment in cash, stock options, or paid dividends in addition to or in place of regular income payments. A corporation may also pay dividends to its registered agents on behalf of its shareholders. All dividends are reported to the IRS in the corporation’s balance sheet, and the corporation must file its tax returns with the IRS.

The Relationship Between Humans and the Environment

Environmental science is an area of study that seeks to define and describe the changes in the environment over time. It looks into how humans interact with their environment and what the effect is on ecosystems. This is also a branch that studies how human activities affect the environment and how their impact is distributed over various ecosystems. In this case the term environmental is used broadly to cover all living and non living things existing naturally, which means outside of human habitation. The term is often used to describe the Earth or specific regions of the Earth.


One of the main areas of research involves global warming. This has been a problem for many decades, as it has shown no sign of abating despite attempts at mitigation. The main cause of global warming is the release of carbon dioxide and methane as by products of fossil fuel burning, industrial pollution and agricultural emissions. The other major factor is the increase in the concentration of heat around the earth. A major result of this is the increase in global temperatures known as global warming.

There are many theories regarding the relationship between humans and the environment. Most scientists agree that natural systems provide for the maintenance of biodiversity, stability of the environment and serve as a source of food and other natural resources. As people invade and deplete natural resources, their population and economy will decrease, potentially bringing about the loss of natural resources that have sustained the existence of human beings for millions of years. Other theories state that the changes in the global warming theories will lead to a reduction in the sustainability of the natural environment leading to a breakdown of the ecosystem and mass extinction of some species.

The Concept of the Economy of the United States

An economy is a place of relative comparative analysis, the arrangement of resources to achieve the economic objective. In economic theory, the term economy refers to the relations between economic units as distinguished by differences in their prices, output, employment, income, investment, technology, politics, geographical location, etc. An economy is also an environment in which agents make use of economic decisions, planning and resources to secure their position in society, the family, the community or the nation. In broad terms, an economy is a political and social web in which the major economic activities of the individuals take place. The process of economic growth is referred to as economic growth.


In a market economy, prices rise and fall in response to demand and supply. In an economy based on the principles of classical economics, inflation is deemed to be a harmful phenomenon. In an inflation economy, increases in the general level of living are accompanied by rises in prices of selected items of necessity and luxury. Inflation causes a tendency to widen the gap between rich and poor. Inflation is characterized by the rise in the level of general price level, which in turn is transmitted to other aspects of an economy. For instance, in an economy where industrial growth is high, rising oil and other prices may lead to widening the gap between the rich and poor.

Unlike classical theory, modern economic models treat the economy as a system of interacting autonomous economic agents with divergent potentialities. These agents, guided by market expectations, attempt to coordinate their actions so as to maximize the level of satisfaction of the demands of their customers. It is in this light that state structure is related to the level of economic welfare of the country. The existence and the operation of a market economy depend largely on the existence and functioning of markets. The United States of America is one of the most successful and prosperous countries in the modern world.




A business is defined as any entity or organization that engages in commercial, professional, or industrial activities for profit. Businesses may be for-profitable entities or non-profitable ones that engage in social causes or to meet a social objective. There are many categories of businesses, such as partnerships, joint ventures, franchise, licensing, and brokerage firms. A partnership is a group of two or more people that share equal interests and responsibilities.

A business can be established through a number of different ways; the most common being that a corporation is created by signing a written agreement known as an ‘Articles of Organization’. A partnership is formed by more than one individual, and a sole proprietorship is a sole ownership entity. However, the term ‘sole proprietorship’ is not legally considered a valid definition of the term ‘business’ because a partnership has an equal partnership interest with others. In contrast, the term ‘sole proprietorship’ is only legally defined when the owner is the sole owner of the business.

There are three basic differences between a corporation and a partnership; there is no publicly traded share, there is no right to vote, and there is no ‘power of attorney’. Also, in the case of a corporation, there is limited liability. Limited liability is important in the case of any lawsuits against the company because if there is a lawsuit, the liability of the corporation cannot be increased from the shareholders unless the court approves the increase. However, in the case of a limited liability partnership, there is no liability if the partners do not agree to the formation of the partnership. These differences are important aspects of the formation of a business.

Environment, Human Development, And The Ecosystem

The environment refers to everything that exists within the earth’s atmosphere, including the climate of the surface, the vegetation, animals and the other things on earth. The earth’s atmosphere is constantly in a state of evolution, shifting from the state it was in earlier. This process has left the earth with many different ecosystems, each with its own characteristics, living and extinct animals, plants and minerals. The environment is also continually being disturbed by human activities, making it either a very comfortable or an inhospitable place to live. These factors have resulted in the diversity of the earth’s environment.


The environment is considered to be the physical and chemical composition of the earth in its present-day state, including all living and nonliving things currently existing on earth. The terms biotic and abiotic are used to describe the earth’s ecosystems as they were in their most stable state. The word abiotic is usually applied only to the surface or at the least some portion of the earth’s soil. The term biotic refers to those ecosystems in which living organisms occur naturally and those in which they have been artificially introduced. Abiotic ecosystems may exist in conjunction with one another or independently, with some examples of these ecosystems being escapes.

Environment plays a major role in human developments. For example, without the presence of oxygen and other air-breathing chemicals in the atmosphere, life as we know it would not exist as we know it today. The impact of the environment on us can be seen in the way we treat the earth system, the quality of our lives, and the pollution that we produce. In addition, the earth system provides a means for people to express their creativity through art and other forms of expression. As we continue to explore the earth’s systems, learning about its ecosystems, we will learn more about the importance of the environment in human development and will hopefully be able to address some of the more pressing environmental issues we face today.

Scope of Economics

An economy is a physical space characterized by the total production, circulation, distribution, employment, and consumption of various goods and services by other agents. In simple terms, it is defined as ‘a social property system in which the production, circulation, distribution, employment and consumption of goods and services are controlled by the agents.’ The definition of an economy also includes the political organization and relationships between economic agents. Economists refer to a society’s economy as a living organism that is governed by the laws of demand and supply, the existence and structure of various institutions of production and the distribution of wealth.


Unlike the microeconomics which concentrates on a single industry or country, the macroeconomics extends beyond the market economy into the total economy of a nation. This type of economics describes the behavior of an economy at the level of the nation’s population and the world economy. For instance, there are the international trade and the international investment in goods, services and technology. The evaluation of the nation’s internal market and its external environment also falls under the scope of macroeconomics. Furthermore, many different types of economic activity are included in the scope of economics including the operation of the financial system, production and distribution of resources, information and communication systems and structure of the economy.

Economists believe that there are five basic models of the functioning of the economy: the market economy, the state economy, enterprise economy, intellectual property oriented economy and knowledge economy. The market economy operates through the mechanisms of demand and supply. State economies are organized around the creation of monopoly or public enterprise. Enterprise economies are characterized by specialization, organization and technology. Intellectual property-oriented economies are characterized by specialization, organization and technology, while the knowledge economy develops through technology and information.


The environment covers everything that exists in the universe excluding nothing that can be known or measured. It is the sum total of all existing life forms on earth excluding the mineral content of the earth and space dust. The environment is made up of living organisms such as plants, animals and even inanimate objects like rocks, buildings and spaceships. The environment is a self-sustaining cycle of living creatures and non-living objects such as inorganic particles of rock colliding together and being driven together again by an internal force. The environment is a vast ocean of living space and time and is the reason why there is no end to it.


A physical environment is one that is not influenced by external factors like climate, soil and sky, which are the most important components of the external environment. Physical environments are referred to as the surroundings in which living things occur. They include oceans, landmasses, lakes, rivers, and other bodies of water and the surrounding conditions such as air, land and skies.

A biological environment is one in which living things grow and reproduce in order to provide a source of food, oxygen and energy. A physical environment is the totality of all the physical surfaces in and around a place where living things occur. It is the sum total of all the living things existing at a particular place at a particular time in the Earth’s history. A cultural environment is the combination of external and internal variables including climate, soils, skies, biotic communities, artistic styles, dietary practices, family structures and norms, language, literature and other modes of communication and interacting with each other.

Best Way to Understand What is Economy


Best Way to Understand What is Economy

What is an economy? An economy is a set of interaction processes, which produce and maintain a condition where all economic goods and services are exchanged in a market. It is also referred to as a community or socio-economic association. In simple terms, an economy is a physical place of production, consumption and exchange of goods and services, by various agents acting on behalf of their clients.

In simple economic terms, all agents in an economy contribute to the production of goods and facilitate the exchange of these goods, by using the scarce resources at their disposal. In addition, they arrange the distribution of these scarce resources to ensure that all participants in the economy to get what they need at a fair price. In essence, an economy is a set of interacting individuals and groups, who make decisions concerning the allocation of scarce resources, producing and distributing various economic goods and services and arranging the conditions for the exchange of those goods and services. In addition, an economy is also defined as a political community or socio-economic association, in which the production and distribution of certain goods and services are controlled by the members of the community. The process of production involves the use of productive assets and the allocation of resources to meet the needs of society.

Economists debate over the definition of a country’s economy. For them, a country’s economy can be described as a complex system of interactions among economic agents, which produce, distribute, consume, and coordinate the use of scarce resources to ensure that all citizens get what they want at a just price. This means that a country’s overall economic performance is a complex combination of technological advances, institutional arrangements, and cultural practices. Therefore, the best way to understand how the economy functions is to view it as a living whole, which has evolved over time, in response to and in harmony with the forces that have shaped it.

Commercial Law and Human Resources

A business is defined by Wikipedia as a commercial entity or profession characterized by an organized system of business relationships involving an establishment with a limited scope and activities; an interaction of persons having an interaction of authority, power and control. A business may be general or private, public or private, or interrelated in terms of purpose or interaction. A business can also be organized at local, regional, national or international levels and be conducted for profit or non-profit reasons. It may be personal or institutional, be owned by individuals or corporations, and be based at a physical location or on a virtual platform.


A business can have many subsidiary or related activities performed for the benefit of the business itself. The most common of these subsidiary activities is selling the products and/or services of the business to third parties who are willing to buy them. This is one of the main articles of the business that drives profit. Other main articles of business are borrowing money from others to start a business or acquire land or property for the purposes of business. A third main article of business is intellectual property, which can include trademarks, patents, licenses and copyrights as well as the creations and innovations of others.

Each of the main articles of business can be subdivided into sub-topics and then sub-sub-topics. These sub-topics often overlap and interact with each other in a complex manner resulting in a wide array of business activities. Therefore, one would need expert knowledge and experience in the field of commercial law, human resources, strategic management and business development, intellectual property, technology transfer and acquisitions, marketing, accounting, sales, distribution, financing, etc. to effectively deal with the various complexities involved in running a successful business. Expertise is required not only in the area of law but also in that of running and managing businesses. Therefore, it is imperative to find an expert manager that holds expertise in each of these fields to effectively run businesses.

Environment – A Vast Expanding Subject

The environment is a vast and complex place. The environment is made up of living organisms such as plants, animals, microorganisms, rocks, and the like and it also includes the outer space, known as the void, dark radiation and beyond. The environment consists of living things since these things are the basic foundation of life and they make up the majority of the living world that we inhabit today. The environment is also made up of non-living things such as geology, anthropology, ethology, linguistics, physiology, microbiology, psychology, archeology, sociology, anthropology, and physiology. Thus the environment includes everything that we do not see with our own eyes and which is not visible to the naked eye.


The natural world or the earth encompasses all living and non living things occurring simultaneously, which means in this case everything existing in the environment is not artificial. Therefore, the word is most commonly used to describe the Earth or any particular portions of the Earth with a large amount of life. Today, more emphasis is being placed on the importance of the environment and more than ever people are recognizing the benefits of preserving the environment for future generations. Preserving the environment involves various practices aimed at reducing or limiting the amount of damage to ecosystems caused by human activities such as carbon dioxide emissions and global warming.

There are several interrelated factors involved in the environment, which directly influences its stability. For instance, the rate of climate change can be influenced by the amount of carbon dioxide in the atmosphere and this has increased debate between environmentalists and traditional scientists. Rapid climate change is an expected result of increasing levels of carbon dioxide in the atmosphere. This is believed to be one of the causes of drought in some regions and floods in others. Thus, preserving the environment requires a concerted effort by humans, animals, ecosystems, and the natural world.

Designing A Business Plan That Succeeds

A business is generally defined as an entity or organization that engages in commercial, technological, or organizational activities intended to meet the economic needs of society. Businesses may be privately owned entities or publicly held businesses that are listed on the stock market or in other markets. Businesses may be publicly traded or privately owned. Some businesses are traded on the stock market while others trade covertly on futures exchanges or over alternative exchanges such as foreign exchange (forex) markets. A company is considered public if it has listed shares on a stock exchange.


For-profit and non-profit businesses differ fundamentally in the way they operate. The profit motive drives many businesses to grow and develop, whereas for-profits are more directed toward generating revenue from the pursuit of profit. Most businesses that have earned profits are classified as either public or private, although some may also be classified as both. Private businesses typically are limited in scope and cannot pursue as many patent or copyright infringements as publicly held businesses.

Designing a good business plan requires defining both the products or services that you will sell, the amount of money you plan to spend on marketing and selling these goods and services, the amount of money you plan to invest in your business and its intellectual property portfolio, and the strategic management techniques that you will use in order to successfully implement your business plan and achieve your profit goals. Intellectual property is one of the most important aspects of your business because it protects your valuable assets such as your product, technology, name, logo, slogans and designs. Other important aspects of intellectual property include patents and trademarks. Trademarks are very effective tools for branding and marketing purposes. Good strategic management techniques include creating a marketing plan, hiring quality employees, growing your business, expanding your business location, advertising your business, managing your cash flow, handling financial transactions, and controlling your business finances.

The Environment


The Environment

The Environment is the current state of being in harmony with Mother Nature. It also has to do with the living condition of humans in relation to the natural environment. In other words, environmental issues are concerned with aspects such as ecosystems, sustainability, preservation, and adaptation. This includes both human activities and the environment in general. The combination of these factors results in a sustainable environment where the changes brought by human actions do not have negative effects on the environment in the long run.

There are different arenas that are considered in the study of environment. One is the global environment, which refers to the totality of the natural environments on earth including human systems and their interactions. Another is the human environment, which is essentially the economic, social, technological, and cultural aspects of humans and their interaction. These two domains of environment are often interrelated as the study of both requires a comprehensive assessment of the environment.

A successful approach to environmental management needs to consider all perspectives. An effective planning process should first involve an assessment of the current state of the environment and assess what can be done to change this. Next, an action plan should be developed for the management of the changes that need to be made. It should also entail a monitoring and evaluation procedure to determine the status of the implementation and evaluate its results. The final analysis will be used to prioritize future work that will need to be done to improve the state of the environment.

What Are the Main Characteristics of Economies?

An economy is a place of collective exchange, production and distribution, not only of products and services, by other agents. In economic language, it is usually defined as ‘a local area of collective production, exchange, distribution, consumption and investment, where production is done in terms of price for output.’ It is also called a community or a nation because it is a political subdivision of a state or political community. Since the beginning of human civilization, economies have existed. They are still present today in our world as they were in the distant past.


Economies are often called the foundation of a nation and their strength. In modern times economies are made of enterprises and institutions that make productive economic decisions in terms of investment, production, distribution, sale and consumption of the products and services offered. For an economy to flourish and generate growth, the processes of accumulation, allocation, distribution, saving and spending need to be guided by an elaborate system of rules, laws and procedures called economic policies. This permits economies to pursue certain strategies for generating growth that are consistent with their long-term objectives and avoid missteps that might lead to short-term imbalances or even crises.

In contrast, market economies operate with less concern for long-term planning, are characterized by chaotic fluctuations that are the product of external factors (such as demand, supply, technology, attitudes toward risk, production capacity, etc.) and are characterized by diffuse controls over the allocation of resources. Market economies also allow for rapid innovation, often spontaneous but sometimes directed by governmental initiatives. These types of economies are characterized by competitive cuts in production, flexible exchange rates and high levels of investment.

How to Start Your Own Business – Firms & Corporate Governance

If you’re thinking about starting a new business, you need to start by defining what kind of business you want to start. A business is pretty straightforward – it’s simply defined as a human enterprise or group of human enterprises that engage in specific activities for the purpose of earning a profit. A business may be for-profit enterprises run solely to meet a social need or a purely for-private, non- Profit enterprise. The most common types of businesses include manufacturing, retailing, and related services such as financial services and transportation. Some examples of businesses that meet these broad criteria are fast food restaurants, retail stores, home businesses, and franchises that distribute products manufactured by other companies.


To ensure maximum profits for your firm, it’s important to decide what kind of profit model you wish to adopt. There are two general kinds of profit models: positive cash flow and non-cash operating profit models. Positive cash flow and non-cash operating profit models maximize profits by generating profits immediately and paying their bills on time. Non-cash operating profit models minimize expenses by relying on retained earnings to generate profits and paying taxes on these profits only after a predetermined amount of time has passed.

In order to ensure maximum profitability for your firm, it’s important that you establish and adhere to corporate governance policies. These policies specify how and who are responsible for making sure the firm meets its obligations in a timely and effective manner. It’s important that you set the appropriate corporate governance policies that match the nature of your firm. For instance, a lending firm may wish to consider corporate liability in the lending industry as compared to a technology firm.

What Is the Environment?

Environment refers to the entire physical, biological, and socio-cultural factors that affect the human activities that take place within an area. The entire environment is present in all places but are not necessarily the same. The environment cannot be categorized into absolute terms as it could exist in various forms. This indicates that there are numerous types of environments.


The natural environment encompasses all living things and non-living things happening naturally, which means in this sense not man made. The word is most commonly used in conjunction with the Earth or any specific portions of the Earth. It usually refers to the non-human or biotic factors that affect a particular place in the physical as well as biological domains. These could be such factors as the climate, the physical and the chemical properties of the soil, air, and water. In this way they provide living things with an environment to live, support, breed, and develop.

Environment could also be categorized into two parts, the living environment and the non-living environment. The living environment refers to the conditions existing in the place where living organisms occur and thrive, and the non-living environment refers to all the materials created by living organisms that need to be removed for their own survival. This means all places in the Earth can be classified as either living or nonliving. The classification is usually based on the physical characteristics of the planet. The Earth therefore has four main sections: the atmosphere, the land surface, the water surface, and the biomes.

Importance of Economics in Today’s World

An economy is a field of the exchange, production, distribution and consumption of various goods and services by various producers, merchants, workers and other agents. In economics, it is defined as a social community that stress the practices, discourses, and economic attributes related to the production, utilization and control of productive resources. It also includes a system of coordinate systems of interaction in the market, governed by the laws of demand and supply. The field of economy studies traces its origins to the writings of the classical economists of the 19th century. It covers a range of topics such as the theory and practice of economic decision, government intervention, domestic policy and finance, taxation, technology and industrial organization.


Economics degree is one of the three degrees that we have here at Michigan – Business Administration, Finance and Management, Information Systems, and Technology Management. We specialize in economics because it is such a wide subject, which means we can talk about many different things related to economics and business. So if you really want to know anything about how the economy works, then you should really try to get a degree in this particular specialization. Studying economics will help you understand how other fields of study like computer science and engineering are related, you will also get to know anything about international finance, marketing, entrepreneurship and even about health care.

Studying economics helps you understand why some things are profitable for some people, while others are not. For example, if you understand that labor is a key component in the design of products and the success of a business, you will see how the business policies and practices related to labor are crucial to the success of the firm. If you want to start your own business or you want to enter into the market, then you will be able to understand the impact of the price level on business revenues, inventories and employment. Studying economics helps us become aware of the inter-linkages between economics, statistics, business, technology and other aspects of the global economy.

Business Ownership

A business is defined by the US Congress as a legally registered company or unincorporated partnership, unincorporated joint stock company, or corporation having one or more specified classes of equity or property and operating for the benefit of all members of the class. A business may be a sole proprietorship, partnership, or corporation. Many businesses are publicly held companies with one or more shareholders. Private companies are generally less public than publicly held business enterprises.

Businesses can be organized in many ways, most common being a sole proprietorship, partnership, corporation, and limited liability partnership (LLP). Sole proprietorships are owned and operated by the individual who is the sole owner. Partnerships are owned and operated by parties or groups of people. Each member of a corporation is a share holder in the ownership of the corporation. In a sole proprietorship, all the partners are owners; in a partnership, the partners are termed the partners in the partnership; and in an LLC, the owners are termed the owners in the LLC.

Businesses are usually run by an individual. This person may be a sole proprietor, a partnership, an owner in a corporation, or an employee. A business must be registered with the government in order to operate legally. All businesses must file a complete annual and quarterly return with the IRS. Individuals working in businesses must comply with all local, state, and federal laws regulating businesses and individuals working in businesses.

Introduction to Environmental Concepts


Introduction to Environmental Concepts

“The environment” refers to any set of physical and biological features that exist in the Earth’s crust, atmosphere, and space. The environment is made up of everything living and non-living things that occur naturally, which means outside of human existence. The phrase most often is used to describe the Earth or parts of the Earth. The environment is made up of the earth, oceans, atmosphere, ice, land, and solar system.

An environment can have a starting point, which is the place where everything began and everything ended, an initial value that represent the value of everything that has ever occurred and will ever occur, and a reference point that is a general description of the environment. The environment can also be a definition, which gives an overall summary of how everything about the environment work together, how it is presently arranged, and what it could be like if everything changed radically. In many cases, people talk about starting values and end values in the context of the environment as a whole, which is something like starting a business and giving a yearly budget and an overall description.

All types of physical variables are included in the environment, and all of these variables interact with one another. A few of these variables are called external variables, while all other variables are called internal variables. External variables include any external forces that change the environment, such as earthquakes, volcanoes, and falling objects. Internal variables are things within the environment that cause changes in the environment, including humans who affect the environment through their activities.

An Explanation Of The Difference Between Market And Coordinate Economies

An economy is a place of collective exchange, production, distribution, and the sharing of services and products by many agents. By itself, it is understood ‘as a socio-economic domain that focus on the practices, discourses, goods and services related to the production, usage, and distribution of resources.’ This definition of economy can also include a political arena where economic policies affect the allocation of scarce resources. For instance, in a participatory budgeting system where elected representatives regulate public funds, a community determines how much money goes to what public services and what projects are funded through the community’s funds. The definition of the economy has changed over time and differs along with society.


A market economy, on the other hand, is governed by a central economic agency that allocates resources to produce a domestic marketable product. While economies often produce goods in a localized manner, goods may be traded internationally using the state currency and credit system. A market economy can also be characterized by extensive specialization in some industries and the ability to create advanced technologies. In the United States, the technological edge of some companies like Apple Computers has allowed them to compete against other companies that have developed innovative computer applications. Although there are large differences between a market economy and a coordinate economy, both types of economies are characterized by a number of institutions and practices that share the following characteristics: centralized planning, flexible production processes, ample opportunities for resource allocation and flexible exchange systems.

Within a market economy, individuals and households to determine how their scarce physical assets will be used. Resources can be allocated using a variety of methods-for example, land can be used to build homes, provide jobs for residents, or develop goods, depending on the preferences of households. Households then compete to get the best price for the particular goods they need. Resource allocation is affected by households’ expectations about future income and investment potential. A coordinate economy permits individuals and households to make long-term decisions about how their resources will be used; although it simplifies the process of determining what those resources will be used for.