Question

According to Interland (2009), the art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists of tracing the consequences of that policy not merely for one group but for all groups. Discuss

Answer 1

Answer:

The economy is a human activity whose purpose is to ensure the production, exchange, distribution and consumption of the goods and services that people need. The goal of the national economy is to ensure the livelihood and development of the country's population, therefore the national economy includes activities such as the procurement of food and clothing, the construction and heating of housing, education, and the care of health and cultural needs.  The economy includes enterprises and institutions that produce goods and services. Companies that produce similar goods and provide similar services form an industry.  These are, for example, energy, machinery, plant growing, education, tourism, etc.

Thus, the economy seeks not only to guarantee the general welfare of citizens in the immediate future, but also in the long term, through the creation of consistent and solid economic policies that allow achieving high development for society.