Wherever we go, the economy is in all parts of the world and can be located in the main continents of the world. This starts from the domestic to global focus. In my opinion, economics is a social science. There are several branches of the economy to deal with and these are: Sociology that studies society and culture, Physics that studies the usefulness in the production of goods and services that produces machines and electricity, Political Sciences because it will study the economic policies of each leaders of all over the world because it influences the governance of economic activities, history which studies the past, present and future events of economic developments, religion because it will be based on studies of religious traditions and beliefs that can encourage or discourage development economic .
Readers and viewers must discover and know the content of the economy. This article will address the fundamental and basic principles of economics. Fundamentals of Economics focus on banks or banking, business, business cycle, depression, economic freedom, income, inflation, investment, workforce, manufacturing, marketing, money, monopoly and competition, consumer price index, cost of living, physiocrats, price, output, profit, owning or dealing with real estate, recession, rent, standard of living, supply and demand, confidence, unemployment, tax to the added value in what I think this term will be understood by the viewers. The meaning of economy is very simple. According to Fajardo, author of his book entitled “Economy”, third edition, The meaning of economics is the social science that deals with the proper allocation and efficient use of available resources for the maximum satisfaction of human needs and desires.
Here in economics, there is also an economic system and theories that readers and viewers need to learn. They must know the information of capitalism, communism, economic determinism, fascism, laissez faire theory, business cycle theories, maneuveralism, mercantilism, socialism and unionism. They must take into account that the economic system is a set of economic institutions that dominates a given economy. There is also a story in Economics from the past to the present, even into the future. According to Fusfeld, who is aware of John Meynard Keynes or known as “Baron Keynes of Tilton” who has a famous book which is very popular till now entitled “Keynes’s General Theory of Employment, Interest and Money” which was written in the year 1936 that figures among the most important books on economics. Apart from this, among his other works are A Tract on Monetary Reform written in the year 1923, The End of laissez faire Theory written in the year 1926 and also A Treatise on Money written in the year 1930. There is also future in economics and these are called “ethics-economics” which I will find out in my next article and the next one is the economic crisis that cannot be predicted when it will happen, so it belongs to the future.
After mentioning the introductory part and the historical background of the Economy, this time I will proceed to the domestic approach. The author of this article will focus on the Philippine financial system to share ideas, thoughts and opinions of other nations. This article is of great help for those who will pursue master’s and doctoral degrees in economics. In the Philippines, the most common financial institutions are based on banks, pawnshops, insurance companies, loans, finance or loan companies. The Banngko Sentral ng Pilipinas or known as BSP (former Central Bank of the Philippines) is the central monetary authority and its purpose is to maintain monetary stability and promote sustainable economic growth and balance.
The content of the last part will be an international approach because it deals with the global economy. On our planet Earth, seven continents around the globe come together to participate in International Trade. Those who are interested in this part of my article, can find or search for it at Tariffs, Trade, International Monetary Fund or known as IMF, Asian Development Bank or known as ADB, Exports and Imports, Common Market, Exchange Rate, World Bank.
To understand the meaning of international trade, according to James B. Calderwood, “International trade is the exchange of goods and services between countries and is sometimes called “world trade” or “foreign trade.” To explain this meaning, let’s a nation to produce the goods that it can make cheaper and exchange them for goods that it finds more expensive to produce from one country to another country.This is how international trade means for the economy.The good example that International Trade practices is Japan because They can compete with other countries.
The World Bank, the International Monetary Fund and the Asian Development Bank are the main lenders of our country. Its development funds have focused on economic development, such as agriculture.
After mentioning my economics content from the domestic to the global approach, you should take note that we are dealing with social responsibility concerns, this does not refer to the rich or the poor.