Juliana Gmez

8b

What is Economy?
Economics is everywhere, and understanding economics can help you
make better decisions and lead a happier life.
Tyler Cowen, American Economist

Economy is a system with the goal of balancing the resources of a

country against the wants and needs of consumers; what is produced, how
its produced and who gets what is produced. The word economy comes
from Greek oikonomia which means household management. Economy
is very important since it provides an outline or framework in order to
understand the decisions and actions of governments, businesses and
individuals. It also provides ways to understand relations in a market-driven
society, and analyze government policies that affect the jobs, families and
lives of citizens. Economy is the method by which we prepare today to
afford the improvements of tomorrow (Calvin Coolidge). Economy delivers
a great amount of tools for us to use in society.
Economics is important because it provides a scientific approach in
order to understand the government policies and decisions for guaranteeing a
stable economic growth with a low inflation and an uppermost level of
employment. It is crucial that the government finds a balance between
inflation and unemployment. An example of not finding the balance would

be the mass unemployment of the 1930s Great Depression, which led to

political instability and the rise of extremist political parties across Europe.
This shows, that although an economy is capable of many great things, it is
also capable of crippling a society.
It also offers methods to comprehend relations in a market-led society
and study the possible costs, benefits and effects of government policies in a
range of areas, from national security to health care and education. A
negative example is when the government decides to reduce the interest rate
to a very low level, that influences people to get loans and spend money in a
big amount, this increments the inflation in the economy.
Overall, economy is the process by which goods and services are
produced, sold, and bought in a country or region. It is very important in
society since it provides an outline or framework in order to understand
the decisions and actions of governments, businesses and individuals and
ways to understand relations in a market-driven society.
In our opinion, economy could be the source of happiness in society
because a good economy would mean everything would have a chance of
developing. For example a vast majority would have employment with a
good salary, entrepreneurs would make a good amount of money selling
their products and services, and the country would have a better

infrastructure, but it is necessary to have an efficient government that thinks

in the good of the citizens and not themselves.

Sources
http://www.ehow.com/about_6528896_economics-important-society_.html
http://dictionary.reference.com/browse/economy?s=t
http://econ.economicshelp.org/2008/06/importance-of-economics.html
http://esl.about.com/cs/writing/ht/ht_essay.htm
http://businesscasestudies.co.uk/vodafone/using-technology-to-improveeconomies/what-is-an-economy.html#axzz3UTeyX2uJ
A perfect example of how an essay should be written. Only a couple of
mistakes with word choice (preposition, determiner, and pronoun.)
Area
Task Response

high
fully addresses all parts of the task
presents a fully developed position in
answer to the question with relevant,
fully
extended and well supported ideas

Coherence and
Cohesion

uses cohesion in such a way that it

attracts no attention
skillfully manages paragraphing
uses a wide range of vocabulary
with very natural and
sophisticated control of lexical
features; rare minor errors occur
only as slips

Lexical Resource

Grammatical
Range and
Accuracy
Formatting

uses a wide range of structures with

full flexibility and accuracy; rare minor
errors occur only as slips
Emails have name, class, and title in
subject line.

low
barely responds to the
task
does not express a
position
may attempt to present
one or two ideas
but there is no
development
has very little control of
organizational
features
uses an extremely
limited range
of vocabulary;
essentially no
control of word
formation and/or
spelling
cannot use sentence
forms except in
memorized phrases
Student fails to use
formatting

20-0

Grade
20

20-0

20

20-0

20

20-0

20

10

10

Paragraphs
Capitalization and
punctuation.

Essay has a title, name, and class.

Other formatting guidelines are
followed.
Student uses paragraph structures.
Forming them correctly based around
subject
Student uses both competently and
fluidly.

Student fails to use

any form.

Student fails to use

any.
doesnt use sentence
structure

100-0

total
100