Economics is a social science that is the study of using scarce resources efficiently in the production of goods in order to satisfy wants. Economics is not only about the market and supply and demand. Using economics we are able to study aspects of society such as "inequality" and "poverty" and look for ways to improve upon these problems.
Inequality has been around since the beginning of time. Just in the past few hundreds of years our nation has begun to accept people of different sex, race, religion, etc. In production of goods entrepreneurial ability is an important resource. The working skills of people can determine the quality of products.
People used to believe that women were insufficient in the workplace. In the past few decades women have begun to venture out into the working environment. Women have always been viewed as the "housewife" whose job is to cook, clean, and keep house. In today's society it is becoming more common that women hold two jobs, one in the workplace and the other at home. Through the study of economics we can see that women are important in the job field. Women are beginning to receive higher wages which causes the opportunity cost of being solely a housewife to increase great
ly. In this case the benefits of having a job outweigh the costs. Not only are women being paid more but there is greater accessibility to jobs. Women are in demand for certain jobs like nursing and teaching. More women turning to employment has increased the quantity of resources and therefore contributed to our country's economic growth.
The biggest cause of inequality is most likely that challenge of being able to use our scarce resources efficiently. Men do not want to begin losing their jobs to women or someone of a different race or religion. They do not want the employment resource to be made up of so many different people that there is no place for them anymore. But as we are always growing as a powerful and intelligent nation the people will work together to ensure jobs to satisfy those who are willing and able to work.
If prejudice people knew just how important it would be to eliminate discrimination maybe some would learn and work together in order to make a more efficient economy. Once again the idea of marginal cost versus marginal benefit comes into the picture. The benefit of eliminating discrimination would highly outweigh the cost. As a result the resource of entrepreneurial skill would greatly increase.
Unemployment can cause poverty that cannot always be prevented. If someone loses their
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