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INTRODUCTION TO ECONOMICS
What is Economics?
According to Adam Hayes, “economics is a social science concerned with the
production, distribution, and consumption of goods and services. It studies
how individuals, businesses, governments, and nations make choices about
how to allocate resources. Economics is the study of how people allocate
scarce resources for production, distribution, and consumption, both
individually and collectively.”
Moreover, Adam Hayes also writes, “The principle (and problem) of
economics is that human beings have unlimited wants and occupy a world of
limited means. For this reason, the concepts of efficiency and productivity are
held paramount by economists. Increased productivity and a more efficient
use of resources, they argue, could lead to a higher standard of living.”
Basically, Tejvan Pettinger explains that “The fundamental economic problem is the issue of scarcity
and how best to produce and distribute these scarce resources.”
Three Fundamental Economic Questions
Sources:
Banton, C. (2020, September 25). Raw Materials Definition and Accounting. Investopedia.
https://www.investopedia.com/terms/r/rawmaterials.asp
Hayes, A. (2020, December 29). Economics. Investopedia.
https://www.investopedia.com/terms/e/economics.asp
Pettinger, T. (n.d.). Basic Economic Problem. Economics Help. Retrieved April 21, 2021, from
https://www.economicshelp.org/blog/glossary/basic-economic-problem/

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