Fundamentals And Basic Principles Of Economics - Domestic And International Approach

Wherever we go, economic science is everyplace all over the world and it can be located altogether major continents around the globe. This begins in domestic up to global approach. In my own opinion, economic science is a social science. There are several branches of economic science to deal with and these are: Sociology that studies the society and culture, Physics that studies the useful in the production of goods and services that produces machines and electricity,Political Science because it will study the economic policies of each leadership across the globe because it influence from the government of economic activities,History that studies the past, present, and future events of economic developments, Religion because it will supported the studies of religious traditions and beliefs that can encourage or discourage of economic development.

Readers and Viewers must discover and know the content of economic science. This clause will be tackling fundamental and basic principles of economic science. Fundamentals of economic science is focus on Sir Joseph Banks or banking, business, business cycle, depression, economic freedom, income, inflation, investment, labor force, manufacturing, marketing, money, monopoly and competition, consumer price index, cost of living, physiocrats, price, production, profit, property or dealing with real property business, recession, rent, standard of living, supply and demand, trust, unemployment, value added tax in which I believed that this term will be understand by the viewers. The meaning of economic science is very simple. According to Fajardo, the author of his book titled "Economics" third edition, The meaning of economic science is the social science that deals with proper allocation and efficient use of available resources for the maximum satisfaction of human inevitably and wants.

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Here in economic science, there is also an economy and theories to be learned by the readers and viewers. They must know the information of capitalism, communism, economic determinism, Facism, individualism theory, Theories of business cycle, Manioralism, Mercantilism, Socialism, and Syndicalism. They must note that economy is a set of an economic institutions that dominates a given economy. There is also a story in Economics from past to present times, even in the future. According to Fusfeld, who has a cognition of John Meynard Keynes or glorious as "Baron Keynes of Tilton" that has a illustrious books which is very popular so far titled "Keynes General Theory of Employment, Interest and Money" which was written in the year 1936 which ranks among the most important books on economic science. Aside from this, among his other works are A Tract on Monetary Reform written in year 1923, The End of Laissez Faire Theory written in year 1926, and also A Treatise on Money written in year 1930. There are also future in economic science and these are called "ethico-economic science in which I will discover it on my next clause and next is depression that cannot predict when will it happen so it belongs to the future.

After mentioning the introductory part and historical background of Economics, this time I will proceed to domestic approach. The author of this clause will focus on the Philippine Financial System in order to share ideas, thoughts, and opinions from other nations. This clause is a big help for those who will take Master's and Doctoral Degree in Economics. In Philippines, the most common business enterprise institutions are supported banking, pawnshops, insurance companies,lending, business enterprise or lending companies. The Banngko Sentral ng Pilipinas or glorious as BSP (former Central Bank of the Philippines) is the central medium of exchange authority and their purpose is to maintain medium of exchange stability, and to promote a balance and property economic growth.

The last part content will be international approach because it deals with global economy. In our planet Earth, seven continents around the globe gather to participate in International Trade. To those who are interested in that part of my clause, they can find or search it in tariff, trade, International Monetary Fund or glorious as IMF, Asian Development Bank or glorious as ADB, Exports and Import, Common Market, Exchange Rate, World Bank.

To understand the meaning of international trade, according to James B. Calderwood, "International trade is the exchange of goods and services between countries and it is sometimes called "world trade" or "foreign trade". to explain that meaning, it enables a nation to produce the goods it can make the most cheaply and exchange them for goods it finds more costly to produce from one country to other countries. That is how the international trade means to the economic science. The exemplar that practice International Trade is Japan because they can contend with other countries.

The World Bank, International Monetary Fund, and Asian Development Bank are the major lenders to our country. Their development cash in hand have been focus on economic development such as agriculture.

After mentioning my content of economic science from domestic up to global approach, they must note that we are in the concerns of social responsibility this is not referring to the rich or poor people.