What is Economics? Essay

What is Economics Essay All economic problems arise because of scarcity: our wants exceed the resources available to satisfy them Rich and poor alike are faced with scarcity Scarcity means that there is not enough of that item to satisfy everyone who wants it The opposite is abundance Things that are scarce are also know as Economic Goods, which means that if the good has no cost or is given away free, then the amount of the good that people want is greater than the amount that is available (eg clean air) On the other hand a Free Good is a... more

What Is Economics Essay

What Is Economics Essay Quoting Michael Yates, “The subject matter of economics is the production and distribution of output…” (Yates, 2003) So what does this say to me Simplifying, this says to me that Economics is a way of explaining the world With studies dating as far back as Aristotle’s interest in the various forms of state, how can one ever fully understand the complexities of economic thought and how could one definition ever sum up the entirety of what economists endeavour to understand Meikle, Scott, 1995) The study of... more