Economics
Economics is a social science which study about human behaviour as a relationship between end and scarce means which have alternative uses.
( Scarcity definition by Lionel Robins)
Scarcity
Scarcity refers when a commodity is not enough for the consumption of everyone in the society.
Economics is a social science which study about human behaviour as a relationship between end and scarce means which have alternative uses.
( Scarcity definition by Lionel Robins)
Scarcity
Scarcity refers when a commodity is not enough for the consumption of everyone in the society.
Choice
It is defined as the selection between two more goods and services.
Opportunity cost
It is defined as the next best alternative forgone.
Economising
Economising refers to making the best of what we have.
Needs
Needs are the basic necessities essential for our survival.
Wants
Wants are the desires people have over and above their needs. Examples include the desire to have luxurious cars, expensive mobile phones …etc. Some wants become needs with the economic development. Examples include, Education, electricity …etc.
It is defined as the selection between two more goods and services.
Opportunity cost
It is defined as the next best alternative forgone.
Economising
Economising refers to making the best of what we have.
Needs
Needs are the basic necessities essential for our survival.
Wants
Wants are the desires people have over and above their needs. Examples include the desire to have luxurious cars, expensive mobile phones …etc. Some wants become needs with the economic development. Examples include, Education, electricity …etc.
Resources
Resources are the factors of production used to produce goods and services. Resources can be classified into natural resource, human resources and manufactured resources (Man- made resources).
Services
Resources are the factors of production used to produce goods and services. Resources can be classified into natural resource, human resources and manufactured resources (Man- made resources).
Services
These are the intangible things that we buy, use or produce.
Services cannot be seen and touched. Examples are the services of doctors, teacher,
lawyers … etc.
Goods
Goods are the things that are tangible and have the power to satisfy human wants. Goods can be seen, touched or felt.
Consumption
Consumption is ‘using up’ of goods and services to satisfy consumer wants. Goods and services can be consumed directly or indirectly.
Distribution
In economics, distribution is dividing resources into different sectors of production in the most efficient way. Exchange is buying and selling of goods and services for a medium of exchange.
Utility
Utility is the satisfaction (pleasure or benefit) we receive from consuming goods and services.
Goods are the things that are tangible and have the power to satisfy human wants. Goods can be seen, touched or felt.
Consumption
Consumption is ‘using up’ of goods and services to satisfy consumer wants. Goods and services can be consumed directly or indirectly.
Distribution
In economics, distribution is dividing resources into different sectors of production in the most efficient way. Exchange is buying and selling of goods and services for a medium of exchange.
Utility
Utility is the satisfaction (pleasure or benefit) we receive from consuming goods and services.
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