Hypothesis

Hypothesis Identification Article Analysis 



The American economy is changing and growing everyday. There are many dilemmas that occur today that must be taken care of. Without the proper knowledge of economics individuals may find it difficult to understand certain issues. Having great knowledge of economics is very valuable. In this paper I will explain whether it is necessary to be able to comprehend the principals economics. I will discuss if this hypothesis was rejected or accepted. Finally I will include what the implications of this finding are for the study. By developing a carful understanding of economics individuals may be able to discuss the material efficiently and accurately.

Economics is the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society (Colander, 2008). In coordination there are three different references; “what, and how much, to produce, how to produce it, for whom to produce it” (Colander, 2008). Individuals desire more than what they can provide and they have no problem with anything they already contain. All economies face the problem of scarcity, “the goods available are too few to satisfy individuals’ desires” (Colander, 2008). Today controlling the needs of individuals is possible with technology. With the political damage economics was divided into macroeconomics and microeconomics. It is the study of whole economies with special attention usually paid to large-scale phenomena such as the money supply, unemployment, inflation, and the economic growth.

The economy tries to discover the way that each portion of the economy works. There are many concerns that involve individuals, organizations, and the government. Information on supply and demand is very essential to know. Supply can be defined as the relationship between the price of a good or service and the quantity producers are willing and able to make available for sale in...