Wherever we go, the economy is in all parts of the world and can be located on the main continents of the world. This starts with the national approach to the global one. In my own opinion, economics is a social science. There are several branches of economics to be dealt with and these are: Sociology that studies society and culture, Physics that studies the usefulness in the production of goods and services that produces machines and electricity, Political Science because it will study the economic policies of each one. leaders around the world because it influences the governance of economic activities, History that studies past, present and future events of economic developments, Religion because it will be based on studies of religious traditions and beliefs that can encourage or discourage economic development .
Readers and viewers must discover and know the content of the economy. This article will address the basic and fundamental principles of economics. The fundamentals of economics focus on banks or banking, business, business cycle, depression, economic freedom, income, inflation, investment, workforce, manufacturing, marketing, money, monopoly and competition, consumer price index, cost of living, physiocrats, price. , production, profit, property or real estate business, recession, rent, standard of living, supply and demand, trust, unemployment, value added tax in which I believed this term will be understood by viewers. The meaning of economy is very simple. According to Fajardo, author of his book entitled “Economics” third edition, The meaning of economics is the social science that deals with the proper allocation and efficient use of available resources for the maximum satisfaction of human needs and desires.
Here in economics, there is also an economic system and theories that readers and viewers must learn. They must know the information of capitalism, communism, economic determinism, fascism, laissez faire theory, business cycle theories, maneuvering, mercantilism, socialism, and unionism. They should take note that the economic system is a set of economic institutions that dominates a given economy. There is also a history in economics from the past to the present, even in the future. According to Fusfeld who has an acquaintance with John Meynard Keynes or known as “Baron Keynes of Tilton” he has famous books which is very popular so far titled “Keynes’s General Theory of Employment, Interest and Money” which was written in the year 1936, which is among the most important economics books. Apart from this, among his other works are A Treatise on Monetary Reform written in 1923, The Theory of the End of Let Faire written in 1926, and also A Treatise on Money Written in 1930. There is also future in economics and these are called “ethics-economics in which I will find out in my next article and the next one is an economic crisis that cannot predict when it will happen so it belongs to the future”.
After mentioning the introductory part and the historical background of Economics, this time I will move on to the domestic focus. The author of this article will focus on the Philippine financial system to share ideas, thoughts and opinions from other nations. This article is of great help to those who are pursuing masters and doctorates in economics. In the Philippines, the most common financial institutions are based on banking, pawn shops, insurance companies, loan, finance or loan companies. The Banngko Sentral ng Pilipinas or known as BSP (former Central Bank of the Philippines) is the central monetary authority and its purpose is to maintain monetary stability and promote balanced and sustainable economic growth.
The content of the last part will be an international focus because it deals with the global economy. On our planet Earth, seven continents from around the world come together to participate in International Trade. For those who are interested in this part of my article, you can find it or search it in tariffs, trade, International Monetary Fund or known as IMF, Asian Development Bank or known as ADB, Exports and Imports, 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 is sometimes called” world trade “or” foreign trade. “To explain this meaning, a nation for produce the goods that you can make cheaper and exchange them for goods that you consider more expensive to produce from one country to another. This is how international trade means for the economy. The good example that the practice of International Trade is Japan because they can compete with other countries.
The World Bank, the International Monetary Fund and the Asian Development Bank are the main lenders in our country. Its development funds have focused on economic development such as agriculture.
After mentioning my content on economics from the domestic to the global approach, you should take note that we are in the concerns of social responsibility, this does not refer to the rich or the poor.
