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13 Dec 2019
A simple definition of Economics as "the study of how society manages its scarce resources". This definition and description addresses the subject from macro-economic perspective where society refers to all of us including consumers, businesses and government. It addresses the issue of how we allocate limited (scarce) resources to decide: what to produce?, how much to produce?, how to produce? and to whom should we produce?. This is a very simple view of a massively complex task.
What does this definition mean to you with respect to your individual life/daily events and decision making and to work?
A simple definition of Economics as "the study of how society manages its scarce resources". This definition and description addresses the subject from macro-economic perspective where society refers to all of us including consumers, businesses and government. It addresses the issue of how we allocate limited (scarce) resources to decide: what to produce?, how much to produce?, how to produce? and to whom should we produce?. This is a very simple view of a massively complex task.
What does this definition mean to you with respect to your individual life/daily events and decision making and to work?
2
answers
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17 Dec 2019
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