1Subject subject: Want, Scarcity & Choice
2The Cost On Choice: chance Cost
3Goods & Services
4Structure Of economical Activities
5Types Of Economic Systems
** *
1Subject Matter: Want, Scarcity & Choice
political economy is the think over of how we make decisions to satisfy unlimited commands with relatively scarce resources.
With economics, angiotensin converting enzyme knows how to make decisions and to acquire the way of thinking in make decision. As human activities are related to choice, economics helps us to explain human behaviour in the real life.
? Economics is a subject in social science: the ponder of human behaviour with scientific methods and analysis.
2The Cost On Choice: Opportunity Cost
In economics, the cost of an act or decision is not measured by money only. It carries the excogitation of sacrifice. Whenever we choose an option, we forgo another.
There is cost even though thither is no money.
There is no cost if there is no choice or there is no scarcity.
Whenever or preference or options changes, the cost of our act changes also.
Very often, we acquaint with m any options before we make decision. After we made the decision, our options whitethorn also change. The cost of an act before and after a decision made will then be different.
regard of some examples by yourselves first.
3Goods & Services
In economics, a unattackable or service is anything providing satisfaction or benefit to any person. We use the term utility to represent the benefit or satisfaction.
(The term Bad refers to anything providing dissatisfaction.)
Free & Economic Goods
An economic vertical is limited in supply with an opportunity cost, i.e. it requires scarce resources to uprise and the resources can be used to produce other goods. As an economic good is scarce relative to our wants, more of it...If you want to get a full essay, order it on our website: Ordercustompaper.com
If you want to get a full essay, wisit our page: write my paper
No comments:
Post a Comment