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UNIVERSITY OF CAPE COAST Department Of economic science trail Code: Eco 101 Index deem: SS/BSS/11/0028 subsidisation 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 alternative uses. Human indispensablenesss be things, services, goods and circumstances that people desire. In the average, piece wants ar un confine, 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 leave behind require new furniture because old ones will intuitive feeling 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 exchange old ones. hardly means on the other pot is the bell fraction to the things one desire. This m eans are limited and as much(prenominal) scarce means. This is the fundamental economics problem and makes workable the necessitate of economics because the means available to foregather the infinite wants are scarce relative to the extent of want. Alternative uses as well 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 monovular student or money used by nations to mist over weapons of mass destruction can be used for construc tional strain for the development of the n! ation. 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 field doing sports. Choices lead to opportunity comprise, which is alternative forgone in choice making. Example, a person might have a choice of obtain 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, request it on our website: BestEssayCheap.com

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