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Submitted by • August 26, 2013

a. Economics can be defined as the study of how the scarce resources and good are distributed with a given society (Cliffnotes, 2011). It involves concepts such as; scarcity, choice, opportunity cost and distribution. The term scarce simply means in short supply. Most essential goods and resources are usually scarce and therefore the society must learn how they are effectively distributed among the members. This is where the concept of choice comes in. Economic choice refers to the act of deciding between the different uses of scarce resources. While making this decision some alternative proposals for using the scarce resources will be selected while some will be left out. The alternatives left out are what are referred to as opportunity cost. Since the available resources are scarce, how they are distributed among members of the society is also important. Economics also involve the study on how such scarce resources may be distributed.

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Voted by maryvanzy

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