Economics is the science that deals with the allocation of limited resources to satisfy unlimited human wants. Think of human wants as being all the goods and services that individuals desire, including food, clothing, shelter, and anything else that enhances the quality of life. Since we can always think of ways to improve our well-being…
Economic society’s central problems are similar to individual problems except that the problems now relate to the economy. The main problem is the scarcity of resources in the face of unlimited wants. The scarce resources have, however, alternative uses. 3 basic problems of an economic society; What to produce? How to produce? For whom to…
Microeconomics is a branch of economics that studies how individuals, households, and firms allocate limited resources, typically in markets where goods or services are bought and sold. The microeconomic theory seeks to explain whether the scarcity and allocation of resources so determined are efficient. Microeconomics is also concerned with individual prices, wages, price of factors,…