Economics Is Not Just About Money Essay

1011 Words Dec 5th, 2016 5 Pages
The word "economics", is often thought to be all about money. Economics is not just about money; it is about weighing different choices or alternatives. Most of those choices may involve money, but some do not. There is four basic economic question in order for the system to work. The four are who, what, how and for whom. These questions are a planning system in order to ensure this is a product worth investing into. The first question is who? Who owns and runs the factor of production. The factor of production is the good or services provided. Examples would be the resources and labor needed for production. Which leads to the question of what goods or services will be produced? The amount of good/services produced to generate income. Businesses have different methods of how the product is produced, a business often decides on sales and profit invested and what the product can generate. And most important for who is the product or service for. If society responds negatively from the price or finds it unappealing the business, then fails and loses money. Each economics systems such as mixed, command and free-enterprise which differ in terms but all involve in the production of good and services for the people.
In order for a business to work, a business has the duty of social responsibility. A company that involves positive relationships with their staff then to benefit the society around. Social responsibility helps companies develop a good reputation by giving back to…

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