A concise definition of economics Economics is the study of how to deal with the problem of scarcity and opportunity cost of decisions. Economics is concerned with the optimal distribution of scarce resources in particular What to Produce? How to Produce? Whom to Produce? To this end, economists investigate economic decisions made by individuals, firms …
On this website, Economics Help, there are many economic essays and resources which you can read to gain an increased knowledge of economics. Also view UK Economics Blog for latest developments What is Economics? ECONOMICS … is the study of how society decides: ¨ What ¨ For whom ¨ How to produce… Example: The price …
It’s the time of the year when many students are getting to start economics for the first time. It can be a little confusing with so many new concepts and words. But, if we had just one lesson, what could we teach about economics? Society wishes to optimise the distribution of resources. Economics considers how …
Bill Gates and Warren Buffet are two of the richest men in the world. Does the concept of scarcity apply to them? Wealth of Bill Gates In 2011, the wealth of Bill Gates is estimated at $56 billion. This comes from a variety of sources, but his 6% share in Microsoft provides the bulk of …
The River Cam in Cambridge. Recently, we looked at why water can be more expensive than beer, even though water doesn’t attract excise duty Water is the most important commodity in the world, it is indispensable for life, yet, it is also one of the cheapest. In many circumstances we can say water is a …