Posted: August 5th, 2013
Economics in essence is a social science because involves the sales and purchase of goods with the aim of satisfaction of needs and wants. In addition, it can be described as a major branch in the definitions of what is considered as necessities within the human life and what is regarded as mere luxury. Hence, goods could be defined as elements, which men and women seek with the aim of fulfilling their satisfaction. Goods have several main characteristics, which are the main definitions: the presence of human needs and wants leading to a causal connection between the needs and wants with the products or gods within a market. Thus goods are in essence valuable or ‘goods’ when there exists a relation between theme and people in that they are able to lead to the fulfillment and satisfaction of the needs and wants (Benkler, 2006).
On the other hand, religion has a great role in the formation of an economy as the same religious beliefs apply to trade and other exchanges within the economy form a religious perspective. For instance in the Islamic world it is unacceptable to lend with the aim of seeking return for interest or profits. Hence, such influences the presence of lending institutions within such societies. Thus, this is an illustration of the role of religions and cultural beliefs in the economic fundamentals within one economy, which varies from one economy from one to another. Commodities in essence are key to the presence of an economy. the lack of which would result in something which entirely different as it provides a means of exchange for people in any society. In addition, within any society the influence of trade is influenced by some key elements, which are means of exchange, the presence of commodities to enable the exchange, and the value upon which each means or terms of exchange have been bestowed (Weber, & Parsons, 1964).
In conclusion, any economy has the presence of numerous socials issues, which act as determinants to the fundamentals of trade, and the associated polices. In addition, the terms of exchange vary from one economy tm another and have evolved over time as a necessity for man to attach new elements of value as the key terms of exchange between the commodities provided or services and the terms of exchange, which is usually in monetary terms.
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