Economics is the study and understanding of the economy or the system of government and people that
deals with money and financial things. Because the government officials did not understand my report
about the economic reforms that are supposed to help stimulate the economy, I have decided to teach
them about few concepts about the economy and how it works and how they can benefit from me and
use these concepts to make wise and good decisions to stimulate the economy.
The first thing I decided to teach the government officials about is economic freedom. People highly care
about their economic freedom, thus, the government needs to give the consumers or people some
freedom. People want to make their economic choices; their job or occupation, what they are going to do
with their money, what to produce and how to produce it. Another important concept concerning the
people is economic equity; people greatly value equality. Treating people fairly without discriminating
between them is an important rule. Thus, discriminating on the basis of age, sex, race, religion, or
disability is illegal. An example for economic equity would be minimal wage; the lowest legal wage that
can be paid to a worker. People who are not very rich get affected dramatically by inflation; therefore,
people prefer to have price stability. Price stability is important because inflation can damage a lot of
business and people, discouraging them to get in business and this lead the people to poverty and hating
the government and doing riots and strikes. Inflation can also at the end result in increasing the percent of
unemployment. Full employments is when most of the society or nearly all of it are employed or have
jobs, people wish for this but it will never properly be implemented.