What is Economics

What is Economics.

And all of this again with reference to imports and exports!!!!!!!!!!

We therefore tend to break economics into two main parts;

Positive means measurable things - like the rate of unemployment

A lot of our work will focus on positive economics

Economics only concerns itself (in any great way) with those things that people a) have a choice over and b) are scarce.

Choice because without choice there is no decision and without decisions the answer is forgone.

Scarcity because if there is an infinite amount of something then there is no rationing. That is not to say rationing as in ration books but rationing through the price mechanism.

  • Economy & Finance Conspectuses
  • Microsoft Word 6 KB
  • 2016 m.
  • English
  • 3 pages (491 words)
  • Ilona
  • What is Economics
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What is Economics. (January 9, 2016). https://documents.exchange/what-is-economics/ Reviewed on 22:10, November 27 2020