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UNIVERSITY OF CAPE COAST Department Of economic science fertilize Code: Eco 101 Index deem: SS/BSS/11/0028 grant 1: Critically abrasive Economics is what economist do Economics is a science which make kind-hearted behavior as a relationship among ends and scarce means which have resource uses. Human urgencys be things, services, goods and circumstances that people desire. In the average, gentle wants argon un restrict, because human wants varies over time. The varieties in wants and the way they argon met in itself generates impudent wants. For example, a impudent house lead require new furniture because old ones will tactual sensation shabby and forged in the new home. From the definition of economics, ends are desire or wants individual, firm or nations will want to get. For example a new car, new furniture to step in old ones. hardly means on the other pass away is the bell fraction to the things one desire. This means are limited and as much(prenominal) scarce means. This is the fundamental economics problem and makes accomplishable the necessitate of economics because the means available to assemble the measureless wants are scarce relative to the extent of want. Alternative uses similarly implies that some(prenominal) an individual, firm or nation uses to satisfy his desire could be used for another thing.

Example, a time spent by a student watching television can be used for studying in the library by the indistinguishable student or money used by nations to maculate weapons of mass destruction can be used for construc tional material body for the development o! f the nation. This goes a long way to relate to choices. Choices because, resources to satisfy human wants are limited and as such choices making. For example, a student will have to choose to be in class studying or be in the sports stadium doing sports. Choices lead to opportunity price, which is alternative forgone in choice making. Example, a person might have a choice of acquire a house or a car. The opportunity cost of buying the car is the house, and the...If you want to get a broad(a) essay, lay it on our website: BestEssayCheap.com

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