In this whole semester what I have learned in my subject of SOCSC 001 is

that the different policies, different laws within our country, the history of its
founders and tools. Beginning with the policies like Monetary It is an
agency of the government responsible in implementing policies pertaining to
money supply. It uses monetary policies to regulate money through credit
and banking system in order to attain monetary stability conducive to
economic development. While the fiscal policy concerns itself with the
manipulation of the inflows (government spending) and outflows (taxes) of
the government sector. It is an instrument, which can push the economy
towards equilibrium, when there are disequilibria ting elements operating in
the economy and connects between taxation. It is referred to as that inherent
power of the State, acting through the legislature, to impose and collect
revenues for the purpose of supporting the government and its recognized
objects.
Learning from these subjects made me realized how it would be for our
country to function with these kinds of law and policies. As a citizen it’s a
mandatory to learn how to function within the system as a consumer and
possible as a seller, the thing that allows us to survive and thrive. ... A
system where no money is involved and trade is done as direct exchange of
goods is an economy too. Having enough is extremely important for
stability, low crime levels and cultural, scientific and technological progress.
At its core, Economics is the study of how humans make decisions in the
face of scarcity. These can be individual decisions, family decisions,
business decisions or societal decisions. If you look around carefully, you
will see that scarcity is a fact of life. Scarcity means that human wants for
goods, services and resources exceed what is available. Resources, such as
labor, tools, land, and raw materials are necessary to produce the goods and
services we want but they exist in limited supply. Of course, the ultimate
scarce resource is time – everyone, rich or poor, has just 24 hours in the day
to try to acquire the goods they want. At any point in time, there is only a
finite amount of resources available. As economists, we need to understand
how ethical conduct reduces transaction costs, enhances productivity and
creates the social capital that lubricates exchange. ...
Finally, economists play an important role in trying to improve society.
Normative economics examines the costs and benefits of alternative
policies. As for me the tax in our country is our #1 issue in our economy as
well as our lands that have been invaded by other races, we don’t to be racist
to offend yet to have our rights as netizens. The demand supply ratio or
equilibrium is fair up to date