Economic Terms
Economics is a social science which studies efficient usage of scarce resources to obtain the maximum satisfaction of the unlimited needs and wants of consumers in the society (McConnell).  There is a certain amount of resources in every economy, which is in the short run fixed and limited.  Natural resources include land, labor, capital and entrepreneurial ability.  All these resources are used to produce the best product mix for best satisfaction of needs and wants of the society.  The wants of people are unlimited, and there is a range of commodities which are produces to meet these wants.  The limited resources and the unlimited wants result in the economizing problem, which is the inability to produce the unlimited amount of goods and services (McConnell).
Supply shows the amount of goods and services the producers are willing and able to produce in the economy.  It is usually shown in a schedule or a curve, and gives all possible amounts produced and distributed at different prices.  Quantity supplied should not be mixed with supply.  Quantity supplied is a single point on the supply curve which shows how many goods and services will be produced and ready to be sold at a given price (McConnell).
Demand shows the amount of goods and services the consumers in the market are willing and able to purchase.  Like supply, it is shown in a schedule or a curve, and gives all possible amounts to be consumed at different prices.  Quantity demanded is different from demand schedule or curve, and is a single point on a demand curve at a certain selling price (McConnell).
Macroeconomics Is the sub-field of economics which is mainly considers aggregate behavior and studies the sum of individual economic decisions in a society.  It studies the economy as a whole and its biggest subsections. The following issues are of concern for macroeconomists: economic growth, government role in the economy, price stability, and full employment. Macroeconomic analysis studies the roles of the government, exports and imports, consumption, investment, government taxes and other factors in an economy (Wikipedia).
Microeconomics is the sub-field of the science of economics which is concerned with single institutions and their interaction in the economy, the behavior of single consumers, firms and industries (Wikipedia).  In the studies of microeconomics such decision makers matter as specific Industries, Firms and Households, which are studied individually rather than cumulatively.  Individual markets are studied, particular prices are taken into account, and specific goods and services are considered. 
Price elasticity of demand is the study of how responsive of the quantity demanded to changes in price of a commodity.  It is measured in percentage change in quantity demanded over percentage change in the selling price of a good (Wikipedia).  This means that is the demand for a specific good or service is elastic in an economy, a decrease in price will encourage many consumers to buy the product, and thus the quantity demanded will increase.
Inelasticity of demand is the low responsiveness of the quantity demanded to changes in price for a good or service.  If the demand for a good is inelastic, changes in price will cause little or no changes in quantity demanded.  A good example of inelastic demand is the demand for salt.  No matter how the price varies, people mostly demand a certain amount of salt they consume and sales of salt to not alter.  The salt price needs to increase very significantly in order to discourage some sales (Wikipedia).
Gross Domestic Product (GDP) of an economy is the sum of values of Final goods and services produced within the boundaries of a country, whether by national or foreign-supplied resources (McConnell).  The value of dairy products a Dutch company selling in California is included in the USA’s GDP, while funds received from an American pop signer giving a concert in Japan are excluded from the American GDP. GDP differs from GNP (Gross National Product) by net foreign factor income earned.
In the article “Economics as if Human Beings Mattered” the author is presenting an idea that the present day economics lack humanistic insight on the society.  The author argues that today’s economics is not concerned with the welfare of the citizens.  Ron Logan points out that there exists a principle of Cosmic Inheritance, which states that all resources in the universe are to the usage and benefit of all human beings, and every person has a right to access these resources to use them.  The author proposes that wealth should be used for nothing else, but nurturing life and human existence, which lies in the principle of collective welfare.  According to Logan, the society must have guarantees of availability of the basic necessities, adequate purchasing capacity to all members, and reasonable distribution of wealth (Logan).
The article “The Bankruptcy of Classical Economics” also shows a negative approach to classical economics as a science.  The author argues that the accumulation of physical wealth is not the main purpose of humanity, and that there are plenty of things people desire more than wealth.  According to W. Haines, economists often “wear blinders” in their economic studies and are biased, they have incorrect understanding of today’s society.  Also, economists use value judgments rather than facts to determine what’s economically right.  Lastly, W. Haines states that economists often determine improper wants of the society (Haines).
In the article by Margaret Rathwell, Susan George expresses her opinions about the present economic situation in the world.  She believes that certain goals must be adopted in the world.  Strong national coalitions must be formed, equal and fair commerce must be sought, education, medical care and social welfare should be out of the market, international capital should not be taxed, transnational companies should be responsible for their activities in the world, and Third World Debt should be cancelled. According to Susan George, there exists a non-democratic world government, and inequalities in the world impose serious consequences (Rathwell).
Bibliography:
Haines, W. (n.d.). The Bankruptcy of Classical Economics. From the New Renaissance Magazine. Web site: http://www.ru.org/53bankru.html
Logan, R. (n.d.). Economics as if All Living Beings Mattered. From the New Renaissance Magazine. Web site: http://www.ru.org/13econom.html
McConnell, C.R. & Brue, S.L. (1996). Macroeconomics: Principles, Problems and Policies. McGraw-Hill.
Rathwell, M. (n.d.). Susan George Speaks out against economic globalization. From the New Renaissance Magazine. Web site: http://www.ru.org/susan-george.htm
Wikipedia (n.d.), the free Encyclopedia. Web site: http://en.wikipedia.org/wiki