Department of Management Information Systems

Course Name: Microeconomics

Course Code: 107

Submitted to:
Md. Ariful Islam
Assistant Professor
Department of MIS
Faculty of Business Studies
University of Dhaka

Submitted by:
Ramisa Tasfiah
BBA roll: 029-15-028
Department of MIS
University of Dhaka

Date of submission: 18th March, 2021

 Summary
1. You are an everyday economist
Economics may seem too dull or monotonous topic to anyone who is learning
this newly or has been researching for long. But in reality, it is available to all
of us, and economics has been already a huge part in our life. Economics is not
only about some money; It is all about the demand and supply of our
regularities or its management. The analysis of the distribution of supply and
demand here is the key to management process in economics. This is a picture
from a bigger frame, but in generally, we all are individually economist. We all
make some choices every day that are influenced by the ideas of economics.
We use the analysis in order to make the best choice while purchasing any
products or pricing any deal. The thoughts of economics let us have potential
choices and affects the transactions. There are also various branches of
economics performing several tasks. Here stratification branch of economics
surveys the inequality of wealth and ethnic systems. Feminist branch
discovers the disparities between male and female gender.

2. What is economic value, and who creates it?

Since long time, the definition of value has changed much. Today the definition
we know is nothing just a misconception. Basically, the proper meaning of the
value has been changed for its various sources. For times, the sources are
changed with different revolutions of different eras. When it was industrial
revolution, people focused on the industrial gradients that affected the
products and the productivity. In 1900s, economist considered the facts
whether the regular products met up the requirements or the perfect supply-
demand extent. Those various things to determine value is change much now.
Value is not only about the pricing of a product, but also the demand and its
supply in the market. At 1970-1980s, the financial sectors in investments or
markets were considered heavily. But it’s high time when we not include more
staffs into the economic philosophy, but find new ways to assist in the
restructuration of the financial sectors and renew the chances of
opportunities that are missed.
3. Why are there so few women in Economics?
If we broadly watch the history or the analysis of the contribution to
economics in several branches, we can see a huge difference between men and
women’s contribution. In the open field of economics, we can see only a few
women out there. If there’s only paper works confirming that a woman is
behind its success, there is proof. Otherwise, no journal can be known after
any women. If we talk about a very early time, we see that from college period,
girls are far behind than choosing economics as their subject. The reason can
be their not being into more socio-economic conversations or the unlikeliness.
Even the success in this sector for women is comparatively harder, as the odds
are also different for them. The more advance they go, the odds become
harder. Again, if any work is done with collaboration, women are named only
a few times. There can be hardly seen any women out there. Women are not
given the same credit as men for their contribution to any work. These biased
actions also lower down women’s confidence to work in this sector. This
shows a huge explanation of why women are only a few in numbers when it’s
economics.

4. Income and Wealth Inequality

Whenever talking about inequality of income/wages, we may always think
that it’s a common rule of the distribution of wealth. In reality, it’s a big
misconception. According to economics, all the wealth is not distributed
equally amongst everyone. People with few qualifications, receives a minimal
range of wages. We can say that they are in a huge disadvantage. The least
bottom party with minimal wages, can hardly manage their household with
their low range of wage. Coming to the income inequality, though the rate of
their income has increased than before, the rate of the income of rich parties
has even increased much higher. Thus, the rich becomes richer, and poor gets
poorer. There are many countries with heavy population and less par capita
income, but has strong economy. Those countries advance more in the long
run of the development of socio-economic sides. As in USA, the tax law is more
disciplinary. The wealthy people play a more significant role while paying
taxes out of their income. Following some strict laws supporting the equality
of the income range and wealth can improve and motivate income
inequalities.

5. The dirty secret of capitalism – and a new way forward

The time when a country’s trade and industries were controlled by different
private company owners, economics was all about multinational companies
that caused issues. The first presumption in economics is about the
contradiction that express if income increases, everything else in economy
will be declined. The second principle shows that something’s price is
proportional to the worth it belongs. Neoliberal economic philosophy shows
that the massive power gap that is the main reason of the wealth inequality,
never even happened. This is a complete scam that defend the powerful and
wealthy people. The market economy shows that development emerges in a
different way there. a complete contradictory side of capitalism. At present,
economy is defined with five laws. First, economics should be tendered like a
garden, not like a jungle that is not expected. Second, inclusion fuels up the
prosperity of economics. If the capitalism in economy system continues being
in the society, soon we will end up fulfilling the sole aim and target of the
wealthy, that will increase wealth and income inequality. Modern economy
should be followed if we want a fair, healthy and stable economy.

6. How economic inequality harms societies

Now after French Revolution, people believe that inequalities and injustice in
the division of wealth or others bring nothing but destruction in societies. If
we compare the cultures between two different countries, only then we can
determine the inequalities. Comparing with United States and Norway, Israel
and Greece have more wealth, but still it makes no difference to their chances
of living a better life. They don’t even have a nice correlation. One country may
have greater and stronger socio-economic gradients with various cultural
sides, but in the wealth sector, it may be poor. Thus, whenever those countries
will be talked about their development in the economic sector, they won’t be
counted by considering their low per capita income. A country’s
advancements or developments are calculated with their socio-economic
status. Having strong economic gradients won’t improve the correlation with
the developed countries. Inequality affects the people failing up with their
wishes and rights that they deserve living in a society. People are too
vulnerable to look down with their problems, hitting on their economic
system continuously affects them loosing down their stats in the socio ladder.
A country loses its steps in the long run of the development. The main point
here is to show the ways to increase the status of people living better and
decreasing the disparities of their wealth and income.