The study of economics guides individuals, firms and government when dealing with the allocation of scarce resources to different uses — i.e. policy making. The study of economics serves as an aid to business men in taking decisions on how to maximize profit by allocating resources to the activities they think will yield the highest …
Below are the Basic concepts in Economics: Want Want is the needs and desires of individuals, though; it could be tangible (physical goods) or intangible (services) Scarcity: Means the limited nature of resources in supply as to meet up with the wants of people. Scarce resources, therefore, are the insufficiency in supply of resources to …
Varied definitions of the subject “Economics” abound. But the most comprehensive definition (as generally accepted by scholars) is the one given by Professor Lionel Robinson who defined Economics as a “Science that studies human behaviour as a relationship between ends and scarce means which have alternative uses”. This definition implies that man has “ends” (wants) …