Franklin University

SOSC 205

Social Sciences Terms, Definitions, Examples,

and Issues: Economics
Name: Bassem Beshay

Section I: Social Science Term

Economics
Section II: Definition

Enter your definition for economics here.

Economics is the study of wealth through
production, distribution, and consumption in a
particular community or area.

Section III: Example of Economics

Professor emailed not to do

Section IV: Influence of Economics on My Life

How has Economics influenced your life?

The economy plays a major role in everyone's daily life. It is sad to say that money affects your daily
life and as mentioned earlier plays a major role in the way we live and work. Economics has played a
major role in my life since my retirement. I want economic stability when I retire, and this led to my
undisclosed job change. I was working at a job that had no retirement for employees the retirement
you could have had set up on your own. Yes, all that is good and good, but I want to work for
someone who understands the importance of retirement and help me contribute to this. So, I went
looking for a job and found my latest employer Armcorp Construction. I work as an electrician so
finding a construction company that wants to make money and help its employees save for
retirement is hard to find now these days. Well, I got it and I could no longer be happy about this

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situation.
We work for the government for the so-called salaries, and we have something called compensation.
This is money that is allocated to government services to help pay more employees for each job.
What makes this even better is that my employer pays as if we get that money but then puts that
money back into our retirement every week. I have been at Armcorp Construction for just over two
years and have already invested about $ 100,000 in my 401k already. This is a great economic
liberation not only for now but also for my future. I would love to know that by the time I retire 40
years my family and I will be beyond care. I work for a company that knows the number of its
employees and helps build a better life for all its employees. This is how the economy has impacted
my life and continues to have an impact on my daily life. People want to be prepared for the future
and the economy plays a big role in that. You cannot have a daily life or a future without thinking
about economics of any kind every day.

https://images.search.yahoo.com/yhs/
search;_ylt=AwrEZ7miyG5id1oAnh0PxQt.;_ylu=Y29sbwNiZjEEcG9zAzEEdnRpZAMEc2VjA3BpdnM

Section V: Influencing Public Attitudes and Behaviors about an Issue in Economics

Step 1: Understand the Issue

Explain the issue here.

The issue we will be looking at this week on Economics is the inequality of income between men and
women. This is a real problem, and it seems to be getting worse even with every movement of
equality we have in modern society. Since the beginning of time women have been considered,
inferior to men and this has become a major problem. From the point of view of women with less
rights than men their salaries have been reduced because they are women. As mentioned earlier this
has become a major problem in America, and it needs to be eradicated.
Being a woman does not mean that you must pay less for the work that a man does. Well, this is not
true because as you will see part of this paper women are paid much less than men to do the same
work. People have fought and fought for wage equality yet even today we ignore it as a society. We
need to realize that all people are created equal regardless of their age, gender, sex, or race and we
need a change now.

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Step 2: Identify the Facts

Explain the facts and where you got them.

According to Business Insider the average gender pay gap in the United States is 19.3%, which means
that a full-time working woman earns 80.7% more than her male counterpart year-round. How can
this happen just because an employee is a woman can earn or not earn as a male colleague this to
me is just nonsense. One of the most shocking statistics I have found while looking at the facts is that
in Louisiana, the gender pay gap is 31.2%, which is the largest wage gap in the nation. In 28 states,
the gender pay gap is larger than the national average. So that means that in 28 statesmen earn
more than women doing the same job simply because of the sex of a nearby worker.
Although many states enact laws against gender inequality, and it has the 1964 Human Rights Act to
protect them at the state level it is still a problem throughout the United States. Another shocking
fact related to income inequality is that black women earn less than whites simply because of their
nationality. This could be anyone from Hispanic women to African American women who report
about the same level of inequality compared to white women’s wages. This issue needs to be
addressed, and it will not go unnoticed. There is no reason why a person should be paid less because
of his or her gender or race. We are in the year 2022 and this does not need to be taken now.

Step 3: Construct Your Own Argument

Construct your argument here.

Women face income inequality because the society we create sees them as inferior to their male
counterparts. We are building a society that restores the old inequality and we accept it as normal in
society, so nothing is done about it in my opinion. People forget about women's rights because they
leave easily. Wage inequality needs to be addressed now before we can create a violent environment
that is in crisis.

Step 4: Suggest a Solution

Describe your solution here.

In my opinion the solution to this problem would be to set up a government-wide department to

regulate and regulate the wages of men and women. They will make sure that all companies
maintain the same wage for the same job regardless of race or gender. They will investigate and
ensure that all wages are the same for all jobs equally to eliminate income inequality. This may not
completely fix the problem at first, but this will eventually lead to a complete solution to the existing
problem in my opinion.

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Definitions of Economics
Include your four definitions from reputable sources.

Definitions of Anthropology

1. Merriam-Webster Online (“Economics,” 2022)

- Social science closely related to the definition and analysis of the production, distribution,
and use of goods and services

2. Dictionary.com (“Economics | Define Economics at Dictionary.com,” 2022)

- Science related to the production, distribution, and use of goods and services, or
human welfare

3. Vocabulary.com (“Definition of Economics,” 2022)

- Related to or related to the economy, the system of production and management of

material assets.

4. Britannica.com (“Definition of Economics,”2022)

- Social science that seeks to analyze and explain the production, distribution, and use of
resources.

My Definition
Define Economics in your own words. Then enter it in section II, above.

Economics is the study of wealth through production, distribution, and consumption in a particular
community or area.

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References

Include all of your references in APA format here.

Economics | Define Economics at Dictionary.com. (2021). Retrieved November 2, 2021, from

https://www.dictionary.com/browse/economics

Definition of ECONOMICS. (2020). Retrieved November 2, 2020, from

https://www.merriam-webster.com/

Economics. (n.d.). Retrieved November 2, 2020 https://www.britannica.com/topic/economics

economics - Dictionary Definition. (n.d.). Retrieved November 2, 2021, from

https://www.vocabulary.com/dictionary/economics

Kiersz, S. S. (2020, August 26). 7 charts that show the glaring gap between men and women's salaries in
the US. Retrieved November 2, 2021

https://www.pulse.ng/bi/politics/6-charts-that-show-the-glaring-gap-between-men-and-womens-
salaries/kfkwppp