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Foundations of Economics
| Institution | UNIVERSITY |
| Course | BACHELOR OF ECONOMIC... |
| Year | 1st Year |
| Semester | Unknown |
| Posted By | Brian Mike |
| File Type | |
| Pages | 89 Pages |
| File Size | 2.93 MB |
| Views | 1773 |
| Downloads | 0 |
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Description
People have unlimited wants but resources are
limited.
Scarcity is a naturally occurring limitation on the
resource that cannot be replenished
Because of scarcity, various economic decisions
must be made to allocate resources efficiently. A shortage occurs whenever quantity demanded is greater than quantity supply at the market price. Over time, the good will be replenished and the
shortage condition resolved.
Below is the document preview.
LABOUR ECONOMICS
Economics is the social science that studies how individuals, businesses, governments, and societies allocate limited resources to fulfill their unlimited wants and needs. It examines how people make decisions in various situations involving the production, distribution, and consumption of goods and services.
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