Like the nation, the Virginia economy experienced a recession and remains inactive with continuing job losses. Economic growth in Virginia was weaker than expected in 2002, with employment and income growing well below forecasted growth rates. The Virginia economy suffered many job losses for the first time since the early 1990?s recession. Nonagricultural employment fell by 0.8 percent, well below the official forecast of 0.5 percent growth. Particularly hard hit was the manufacturing industry.
Economics is an important and exciting subject. How could it be any other way, when it deals with the great issues of unemployment, inflation, property and wealth It
also deals with how firms are organized and how they compete, why some jobs are well paid and other poorly paid, and why some countries grow and become rich while others fail to do so. The principles that underlie the study of economics form an important basis for how business people, policy makers and scholars understand these and many other different issues of the commercial world. Economics has two important related disciplines providing complementary but distinct core bodies of knowledge. These
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