Given a finite amount of resources, what is the best way to use it? Fundamentally, everything in economics is built around the notion of improving overall economic utility, which is to say, what combination of technology, labour and resources leads to the optimal (read most desirable) result? Economics uses tradeoffs ... read more
Scarcity is the heart of economics. Abundant goods are free. We each do what we do best and trade. That way everyone prospers. During a week, I make 50 spear points, while you kill two deer. read more
Scarce Goods and Services. As noted, if scarcity did not exist, all goods and services would be free. A good is considered scarce if it has a non-zero cost to consume. read more
Economics is the study of the organization of economic activities in society. Economics attempts to answer questions related to market prices, production and the gain of wealth. The field of economics is primarily interested in solving what is known as the basic economic problem. read more