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Consuella Cooley
Tom McDonald
EC 111
10 February 2017
The Economy
Economy is an area of the production, distribution, or trade, and consumption of goods
and services by different agents in a given geographical location according to Google. According
to the Webster it is the management of household or private affairs and especially expenses. It
is a thrifty and efficient use of material resources, the arrangement or mode of operation of
something, and the structure or conditions of economic life in a country, area, or period. So what
would a perfect economy be like? That answer will vary according to who you ask. The idea
economic system would be to merge both the economic and socialist economic system together,
and define a system which a minimum wage is distributed amongst all citizens that would have
enough money to provide basic living necessities such as basic food items, housing, living
expenses and schooling. Putting guidelines on products, service, quantities, and prices a national
level to all industries, but not regulated by law. Everyone has the right to work but the work
that’s done will proportionately generate via taxes income for the government to dish out to its
citizens and to increase general welfare. Basically if one puts more into the work they would
receive more to have a decent life, and for those who barely make any income they will not be
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taxed as much. Those people that are having hard time finding work should have some sort of
government work force that pays people to do some sort of work. There are some people that
obtain money through family that helps support them but not all are able to do so. I do think that
there should be more government funded agencies to help out with economy and those that do
have proper living arrangements and not able to have food. There should be more programs put
in place to provide housing. If there was a government funded job source to provide jobs for
those who may not be able to get a job that the everyday citizen has. This would help the
economy by providing goods to the economy as well giving income back from the people buying
things in the economy.
Should the government have involvement in the economy? I will state my opinion I think
that they should have some involvement in the economy and maybe a little more than what we
have now. I think there should be more government funded programs to help out with the
economy and not just we get in a tight spot or fear of a recession. There should be something that
can be provided to help for those in need and to help keep the economy moving. Goods should
be consumed by both a market and distributed through the government. I think there are some
basic needs that the government should have to provide for the citizens like the necessities,
however the wants should have to be obtained by the citizens. Examples of this would be food,
housing, basic clothing and schooling are all necessities and should be provided by the
government. Now if you want name brand clothes are you want to eat out at restaurants are
attend the most expensive schools then those would be wants and one should have to pay for
those items themselves.
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Overall the government should have some sort of say in the economy but only to a certain
extent but they should concentrate more on helping the citizens. By helping the people it would
help the economy and help the everyday citizens.
When you think of the economy you have to look at it from all sides, and not all them
will be pretty. How will one be able to provide for themselves that will help the economy? The
answer to that will vary on who you ask or how a person lives his or her life. For some they go
to school and after school they either go to college or get a job. Working for most people seems
to be the way to go in order to financially be able to take care of themselves as well as their
families. Not all people work either because they can’t, some don’t want to, some might have a
hard time finding a job, and some just do not have the skills to obtain a job.
