ECO 365 Week 1, DQ's 1, 2, 3.doc (1) Week 1, DQ 1 What is economics? What role does econ

ECO 365 Week 1, DQ's 1, 2, 3.doc (1)  Week 1, DQ 1  What is economics? What role does economics play in your personal and organizations decisions? Give an example of the role of economics in decision making.  What is economics?  The branch of social science that deals with the production and distribution and consumption of goods and services and their management.   What role does economics play in your personal and organizations decisions?  Economics plays a huge part in everyone personal life.  Economics is the foundation for everything that is bought from food to gas.  It also works hand and hand with supply and demand.  For example in my personal life one of the main products that i consume on a daily basis is gasoline for my vehicle which is very dependent on supply and demand.  When the demand is lowered the prices go up forcing me to pay more for my gas than when the supply is up.  Same for my organization, it is based on customer demand.  So, when the demand is not there are forces my organization to lay employees off in order to stay in the green.  2nd Response  According to "What Is Economics? A Definition Of Economics" (2012):  Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction, studying it often reveals why people and governments behave in particular ways. There