New Definition Of Economics

A NEW 21ST CENTURY DEFINITION OF stintings (By Erinle Oluwadamilargon Joseph) c.e.o www.blastyourproject. war crypress.com economicals is a social science that studies economic agents conduct in finding solution to economics occupations with just resources at their disposal.(Erinle Oluwadamil are Joseph 2011) exposition OF DEFINITION ECONOMICS AS A SOCIAL SCIENCE: but refer to that fact that it studies hu pungency world as the contrive social refers to anything that studies human behavior or man. ECONOMICS AS A SCIENCE: precisely implies that the tools of science or the c all over by which science or scientist finds solution to a problem is adopted by economist in finding solution to economic problems. exactly RESOURCES: The watchword scarce is derived from the English word scarcity. scarcity simply room limited in supply. Scarcity does non mean that resources are non purchasable in supply at entirely, but rather are not large in quantity and can not be used to satisfy the emergencys or demands of the masses. ECONOMIC AGENTS: This refers to the depict temper and decision maker in the economic field which includes man, the firm and government. Man can besides be referred to as house hold .

ECONOMIC PROBLEMS: This consists of all the macro instruction and MICRO economic problems that man and economic scientist or economic agents aim to solve. These economic problems are numerous starting with the basal economic problems of the society which includes: what to train, how to name, where to produce, for whom to produce, resource allocation and distribut ion, unemployment, over population, swelling! ,glut, recession, deflation, exchange arrange fluctuation, grassroots and social amenities, e.t.c. All these are economic problems that must be solved with scarce resources. SCARCE RESOURCES: According to virtually economist, without scarcity of resources; economics would not moderate existed or would not have been necessary or being in existence. However,...If you want to get a full essay, companionship it on our website: OrderCustomPaper.com

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