Economics is divided into two major sections: macroeconomics and microeconomics. Macroeconomics involves the behaviour of the whole country, while microeconomics deals with individual consumers and industry. Overall economics is how individuals, companies, and governments choose to allocate resources to meet their needs. Understanding economics allows for planning on how to best utilise resources to achieve optimal results. It is generally concerned with the design, distribution and use of products and services. 

Black Economics is the focus on economic development of Africans and the African diaspora across the globe. It involves the study, planning and utilisation of resources, talents, intelligence and wealth to accelerate economic growth within the Black race (African and African diaspora).

It is important to remember the great things that many black people and black communities have accomplished and at the end of these accomplishment the goal should be to gain economic growth, power and independence. Understanding economics is very important for the black community to progress and attain such power and independence. Far away from a turbulent and traumatic history is to have great power and independence which comes from having great financial wealth and knowledge of economics. It is important for all generations young and old to understand the power of economics and what it entails and what can result from it.

Black-Owned Businesses– It is vital to showcase black talent and to invest and utilise black business and resources to boost the black economy, to induce economic growth in black communities as well as boost esteem, morale, social status and wealth. We encourage all ethnicities to support black-owned businesses and to embrace the movement of the black economy.

Black Supplementary Schools – Within these schools Black Education can be prioritised and make a difference to a child or adults’ knowledge of black economics, black history, black culture and many other curricular and non-curricular topics.

Black Community Groups – These groups are needed locally, nationally and internationally, for different subject matters i.e. black history groups, black sports groups etc. But sharing the same agenda which is to encourage economic development whether through education, fellowship, hobbies or sport. The acquaintance of like-minded individuals can have a huge impact on what we are exposed to that we may otherwise not have been.

Black Cultural Music – One the archaic pieces to building black economy is the messages in music. If the music portrays the right message it can have probably one the biggest influences on boosting the black economy with the masses encouraged and inspired to make positive steps to improving their communities and themselves individually. Music is a powerful in creating the narrative for future generations and good positive lyrics can be all the difference needed. In contrary, negative lyrics can have devastating impacts on black economy and black communities at large.

Black Art – This is such an important part of community for inspiration and positive stimulation. Black Art is needed to change perceptions and challenge status quo. Black changes the narrative within societies and encourages more investment in black talent and black creatives.

Black Literature – Another important part of understanding the talents, history and resources available to boost morale, confidence, inspiration and goals within the black community and black economy.

The economic system is defined as means by which governments or communities plan and distribute products, resources and services in a country or region. The systems governs product resources such as land, capital, operations, and physical usage. A system  involves organisations, associations, a decision-making process, and patterns that shape the business model of a community or country.

These can include:

• Banking
• Enterprise
• Housing
• Manufacturing
• Government

Economics also has a direct or indirect relationship with many other disciplines. Financial markets studies on the valuation of companies, their assets and their capital structure. Labor economics deals with the decisions and attitudes of employees and the relationships between employers and employees. The history economics studies the history of the region by examining topics such as events after the Industrial Revolution and the emergence of the economy. International economics deals with the relationship between domestic and international matters.

1. What is the difference between micro and macro economics? Give an example of a microeconomic phenomenon and an example of a macroeconomic one | Brighton Mwangemi – Academia.edu
2. Microeconomics and Macroeconomics: Understanding the Difference | GetSmarter Blog
3. Difference Between Microeconomics & Macroeconomics (byjus.com)
4. The Field of Economics – Principles of Economics (umn.edu)
5. History of Economic Thought: Meaning and Significance (economicsdiscussion.net)
6. A Brief History of Economics (investopedia.com)
7. Overview of Economics: Three Economists and Their Theories (infoplease.com)
8. Economic System – Overview, Types, and Examples (corporatefinanceinstitute.com)
9. Overview of Economics: Three Economists and Their Theories (infoplease.com)

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