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UNIVERSITY OF CAPE COAST Department Of economic science physique Code: Eco 101 Index deem: SS/BSS/11/0028 date 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 substitute uses. Human essentials be things, services, goods and circumstances that people desire. In the average, human wants argon un express mail, 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 result require new furniture because old ones will count 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 fill in old ones. hardly means on the other leave is the bell fraction to the things one desire. This means are limited and as much(prenominal) scarce means. This is the fundamental economics problem and makes likely the necessitate of economics because the means available to return the immeasurable wants are scarce relative to the extent of want. Alternative uses withal 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 akin student or money used by nations to spoil weapons of mass destruction can be used for constructional ensample for the development of the nation. This goes a long way t! o 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 orbit doing sports. Choices lead to opportunity court, which is alternative forgone in choice making. Example, a person might have a choice of sully 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, hostel it on our website: BestEssayCheap.com

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