Principles of economics
How economics work and discuss the relations
between the main economic players and institutions.
Economics is the
study of how scarce, or limited, resources are used to satisfy people’s
unlimited wants and needs. It concerned with how people make decisions in a
world of scarcity. Managerial economics (also called business economics), is a
branch of economics that applies micro-economic analysis to specific business
decisions. Economics is an important branch of the social sciences where study
is focused on three critical areas of human behavior.
First, economists study the problems that arise because resources are scarce and people’s wants are insatiable. If resources are scarce and human wants are unlimited, then it makes sense that choices have to be made. It’s the making of these choices that forms the other two areas of human behavior that economists study. Choices have to be made about allocating scarce resources to produce goods and services to satisfy insatiable wants. The third area of human behavior that economists study is distribution.
Once goods and services are produced, they have to be distributed to people. The way goods and services are distributed is crucial to understanding how an economy performs. Economics also discuss the relations between the main economic players and its institutions in micro and macro arena such as ......
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First, economists study the problems that arise because resources are scarce and people’s wants are insatiable. If resources are scarce and human wants are unlimited, then it makes sense that choices have to be made. It’s the making of these choices that forms the other two areas of human behavior that economists study. Choices have to be made about allocating scarce resources to produce goods and services to satisfy insatiable wants. The third area of human behavior that economists study is distribution.
Once goods and services are produced, they have to be distributed to people. The way goods and services are distributed is crucial to understanding how an economy performs. Economics also discuss the relations between the main economic players and its institutions in micro and macro arena such as ......
(to get the personalised complete 10 page answers please send your request to spknowledgehub@gmail.com or submit it by using help button at the top right corner of the screen)
