Economics is the amount of money possessed by an individual, family, or business and the access to supply and demand of good and services. Examples of goods would include clothes, house, food, car, and other tangible items that have material value. On the other hand, services are those rendered by individuals or groups to perform a service such as plumbers, auto mechanics, doctors, and lawyers.
In America, the economic system that is in place is called capitalism which allows individuals or groups to compete in a "free market" where there is little government control and these people or groups compete against one another to earn the most money, thus, they make more money than their competition. In addition, capitalism is the economic system in which people decide how to use their productive talents with little interference from government. Under capitalism, individuals generally own the productive resources and are free to choose how to use them.
Topics to Check Out!!!Rosewood- In Rosewood , FL, there were two neighboring communities, one African American and the other European American, that were both thriving economically. Over the course of time, the 2 sides began to feud and the African American community lost many members and was burned down to the ground.
Black Panther Party - The Black Panther Party (BPP), which started in Oakland, Ca., was originally established to stop police brutality in their urban, inner-city neighborhoods. As their politically knowledge and participation increased, the organization believed that it was necessary to begin to economically build their local community.
Earl Graves/ Black Enterprise - Earl Graves is the CEO and founder of the Black Enterprise Magazine. In the spirit of entrepreneurship, Graves developed his one time small scale magazine into one of the most lucrative businesses in the country. The magazine targets African American economic development from starting a business, to African Americans who are executives in Fortune 500 companies.