Identify The Three Major Tasks Of Economics And Discuss Why They Are Important?

280 words - 2 pages

Identify the three major tasks of economics and discuss why they are important?

Base on this week lecture the three major tasks in economics are description, explanation and evaluation. The description is the process which allows company to have a better understanding in what is going in each department within the company. That way the company can find out what would need to be improving in order for the company ...view middle of the document...

The second task is explanation which involves analysis, the cause and effect in order to provide a better understanding of what the larger issues are. Take the time to see what can drive and influences a particular outcome; the company should focus on identification of causal factors and be able to understand on how much this factor will create or contribute to specific outcomes. Once the company understands that they can then begin develop models that can help them to make changes or potential changes on the factor at hands. In order to fine out is the resulted from consumption they would need to use the task of evaluation. The company can evaluate result by taking the time to judge, which would often involving ranking information and alternative phenomena according. Find other ways to distributing scarce resources and achieving desired outcomes. To create a natural process and the proper funds for any health care service that produced the desired benefits.

Reference
Folland Goodman Steno, The Economics of health and health Care, 5th Edition
The lecture for this week lesson

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