economics concepts(1): wants : want is desire; demand is a desire supported by the ability($$$$$) to...
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Economics concepts(1):
•wants: want is desire; • demand is a desire supported by the
ability($$$$$) to satisfy the desire:
•unlimited wants: for what we desire, we always prefer more to less, and we have new wants when other wants are satisfied.
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•Scarcity-----$$$$$$$$• there is scarcity when ever resources
are insufficient to satisfy all our wants• fixed supply----$$$$$$$$
Economics concepts(2):
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Economics concepts(3):
• Choice• because of the scarcity, we have to make
choice, we have to choose which wants to satisfy and which wants to give up.
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Economics concepts(4):
•Opportunity cost• the best alternative or highest-valued
option forgone
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• If you choose choice (1), the opportunity cost is the choice (2).
• If you choose choice (2), the opportunity cost is the choice (1).
• If you choose choice (3), the opportunity cost is the choice (1).
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• Question:What is the opportunity cost if you choose choice (4)????????????????
• Ans.: the opportunity cost is choice (1) if you choose choice (4).
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•For producers•are concerned with what goods and in what quantities these goods are to be produced
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•For producers•are concerned with the method of production.
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•For producers
•are concerned with who is to get how much of society’s output
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•Social structure is rigid;•changes take place slowly•production methods are
primitive• low standard of living
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•Private property rights• freedom of contract•decentralized decision-
making• reliance on price
competition
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•Public ownership of productive resources
• restriction on freedom of contract
•centralized decision-making•non-reliance on price
competition
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•Features of tradition economy, market economy and command economy
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