Economic Fundamentals Economics is a field so large that it becomes difficult to define. Broadly speaking, it is divided into macroeconomics, which is the study of global and national economies, and microeconomics, which is concerned with specific industries, corporations, or individuals. Downes and Goodman (2010) write in Barron’s Finance and Investment Handbook that “Classic economics concentrates on how the forces of supply and demand allocate scarce product and service resources” (374). That is to say, economics is the study of managing resources, though the methods vary greatly depending on the scale of the study. While studying macroeconomics in this class I hope to gain a greater understanding of how wealth is generated through...The end:
.....here will be a very high opportunity cost to transitioning away from oil as a primary energy source. The rising cost of oil is a major global economic issue, that incorporates the principles of scarcity, comparative advantage, opportunity cost, and externalities. This process must be carefully studied because of the effects it will have on nations and individuals alike.References Downes , J. & Goodman, J. (2010) Barron’s Finance and Investment Handbook. Barron’s. Hauppage , NY. US Energy Information Administration. (2011). “Weekly U.S. Retail Gasoline Prices, Regular Grade” Retrieved from http://www.eia.doe.gov/oil_gas/petroleum/data_publications/wrgp/mogas_home_page.html Wheelan , Charles. (2003). Naked Economics. Norton. New York, NY.