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Economic Relevance Essay

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Below is an essay on "Economic Relevance" from Anti Essays, your source for research papers, essays, and term paper examples.

Abstract

Managerial Economics:
Economic Relevance for
Third World Countries
XXXXXXXXXXXXX
Grantham University



Many economists speculate as to whether or not poorer third world countries should apply economic laws and theories set for civilized and more advanced counties. The point at hand is that no matter how civilized, how advanced, how poor or how rich a country is, all countries have an economy. An economy thrives on turning natural resources into tangible objects. These tangible objects are used for labor, bartering and sold for income. Even the poorest of countries understands the trade and barter system. All countries apply some type of economic theory to their standard of living whether they know it or not, it may be to a smaller scale than that of what more civilized countries adhere to, but none the less they should not reject economic theories.

To reject an economic theory, would be to reject any kind of organized civilization. Even the poorest of countries want organization. In chapter 2 of “Economic Logic” many economic theories were discussed, such as division of labor, constantly trying to enhance your way of life and trading and bartering. Of the three theories mentioned above all can be seen in many third world countries’ daily lives. Even in the poorest of countries division of labor is present. Individual’s skill sets will place them into different work categories such as hunters, gathers, farmers, builders or any other specialized skill set. These individuals will then take the resources earned from their skill set to either share with the community to which they belong, or trade them to possibly enhance their way of living. The example above shows that third world countries strive to live within economic theories, whether they intend to or not.
Pavlov’s law states that an individual or community will strive for their basic needs to survive, and once they obtain those they will seek wants, and wants of creating a...

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