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date: 31 March 2023

Economics and Social Welfarelocked

Economics and Social Welfarelocked

  • Michael Anthony LewisMichael Anthony LewisHunter College, City University of New York

Summary

This article will cover basic economic concepts, as well as their relevance to public policy. It defines economics and follows this with discussions of microeconomic concepts, such as market, demand, supply, equilibrium price, and market failure. Next, it takes up discussions of macroeconomic concepts, such as gross domestic product, aggregate demand, inflation, unemployment, fiscal policy, taxes, and free trade. As these economic concepts are discussed, they are related to public policies, such as Social Security, Unemployment Insurance, and Temporary Assistance for Needy Families, which all address the provision of benefits for people in need of income and resources.

Keywords

Subjects

  • Policy and Advocacy

Updated in this version

Content and references updated for the Encyclopedia of Macro Social Work.

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