Economics Essay

781 words - 4 pages

Economics is the social science of making sufficient choices or decisions and studies how people interact in their society in an economic way. The first chapter introduces the subject of economics and unfolds what it is all about.We live in a society where economics is a valuable need in order for us to understand and handle any problems that maybe occur in the future. The basic economic problem is scarcity ; where people's wants and needs are unlimited, while the resources needed to produce goods and services to meet these wants and needs are limited.Every time a need is satisfied a new need is then created thus, creates the unlimited wants and needs of the human characteristic. The problem ...view middle of the document...

Your opportunity cost of this is what you give up and that is your study time however, you do gain a benefit from giving up your homework and that is a movie and a casual dinner with your parents.Every society has basic economic questions and when responding to these questions societies must balance the needs of individuals with the needs of society together. The three basic economic questions are : What will be produced? How will the goods be produced? And for whom will the goods be produced to? These three basic questions are used by all societies to make economic decisions. The subject Economics is divided into two separate branches : microeconomics which examines the choices of individuals regarding one product , one firm or one industry , and macroeconomics examines the conduct of the whole economy at once.Everything in life has a theory, in economics the importance of theory is a simplified description of reality. The economic theory helps to understand the economic systems which is the combination of social and individual decision making it uses to answer the three economic questions. Economist use an ideological tool called a budget constraint which is the mixture of goods that can be acquired although it is...

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