The study of economics is helpful in several ways . Some of these I will comment on . First of all , technology levels affect a societies economy , so by learning what products are produced and how they are produced , you can see how technologically advanced a society is . By examining where the produced goods are sent/used you can get a better idea of what type of government the society is run by . By studying an economy and seeing how the economy uses resources , you can learn what resources the society controls and which ones the society needs . Tied in with this factor of resources you can get an idea of which countries have leverage over other countries .
An economist how a society or government meets the needs and wants of the populace , either through production or commerce . Economists see the world as a) profitable b) unprofitable c) and they see opportunity costs . By viewing the world in such a manner they are able to help in the decision making involved with money and industry . They can help to save money , resources , labor, and time .
Microeconomics is the study of an overall economy . In studying microeconomics you study a wider range of services , productions , exchanges . While not as discriminate as macroeconomics , you can get a broader picture and grasp the basic concepts of an economy .
Macroeconomics studies the study a single aspect of an economy , lets say the mining of coal . You don't research the delivery , the market' ; all you study is the actual mining process . While this may be more limited in scale , you can learn more about that specific process . You don't see the whole picture but you can find the specifics on that subject .
Personally I don't think that the physiocrats theory would work . I think that if we tried to follow there theory and have the government abstain from interference , many of the smaller businesses would quickly be closed down . I think that a great...