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ECO 204: Principles of Microeconomics
Developing a Country’s Economy
Evelyn Bolden
July 19, 2010
Abstract
The status of an economy can make the success of a country or even be a part of the failure of the country. By having a failing economy, a country tends to look towards other countries for help or continue to increase the debt and eventually become a weaker country and make room for other countries to come in and take over with little or no fight. By having a strong economy, it will allow the country to stand alone, not rely on other countries, and be a leading example for their citizens and the world. “Economics is the study of how individuals and societies choose to use the scarce resources that nature and previous generation have provided,” (Case, Fair, Oster, 2009). According to Case, Fair, and Oster (2009) here are four main reasons to study economics: to learn a way of thinking, to understand society, to understand global affairs, and to be an informed citizen. The following two cases will be reviewed to show the importance of what knowledge of economics can do for a country.
Developing a Country’s Economy
The first case to be reviewed is the struggles that the African countries, such as Botswana, faced during the year 2006. The major struggle was the pandemic that infected up to forty (40) percent of their adult population. The year 2006 brought forty (40) million individuals who suffered from HIV and AIDS. By losing almost half of their working force in African countries, Botswana’s economy suffered in many ways.
By studying economics, one important reason is the ability to learn a way of thinking. With the African population having such a large number infected by the disease, they lost a large portion of their way of thinking. The number of the work force who was knowledgeable about their society, the jobs, and the way the different organizations function were lost. The elders and those with experience and knowledge of the country,...