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    Economics:: Scarcity

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    Arsalan Ahmed
    Economics is the study of production, consumption, and distribution of wealth. It is divided into two branches: microeconomics, which deals with individual units like consumers and firms, and macroeconomics, which looks at aggregate factors like interest rates and productivity at a national level. Scarcity refers to the limited resources in societies, which forces economists to make rational choices. Opportunity cost is what is given up to obtain something. Positive statements are objective and testable, while normative statements are subjective opinions. A market facilitates exchange between buyers and sellers. Factors of production include land, labor, capital, and entrepreneurship.

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    Economics:: Scarcity

    Uploaded by

    Arsalan Ahmed
    36 views4 pages
    Economics is the study of production, consumption, and distribution of wealth. It is divided into two branches: microeconomics, which deals with individual units like consumers and firms, and macroeconomics, which looks at aggregate factors like interest rates and productivity at a national level. Scarcity refers to the limited resources in societies, which forces economists to make rational choices. Opportunity cost is what is given up to obtain something. Positive statements are objective and testable, while normative statements are subjective opinions. A market facilitates exchange between buyers and sellers. Factors of production include land, labor, capital, and entrepreneurship.

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    Economics

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    Economics is the study of production, consumption, and distribution of wealth. It is divided into two branches: microeconomics, which deals with individual units like consumers and firms, and macroeconomics, which looks at aggregate factors like interest rates and productivity at a national level. Scarcity refers to the limited resources in societies, which forces economists to make rational choices. Opportunity cost is what is given up to obtain something. Positive statements are objective and testable, while normative statements are subjective opinions. A market facilitates exchange between buyers and sellers. Factors of production include land, labor, capital, and entrepreneurship.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    36 views4 pages

    Economics:: Scarcity

    Uploaded by

    Arsalan Ahmed
    Economics is the study of production, consumption, and distribution of wealth. It is divided into two branches: microeconomics, which deals with individual units like consumers and firms, and macroeconomics, which looks at aggregate factors like interest rates and productivity at a national level. Scarcity refers to the limited resources in societies, which forces economists to make rational choices. Opportunity cost is what is given up to obtain something. Positive statements are objective and testable, while normative statements are subjective opinions. A market facilitates exchange between buyers and sellers. Factors of production include land, labor, capital, and entrepreneurship.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    ECONOMICS:

    Economics is a social science that deals with the study


    of production, consumption and distribution of wealth.
    Economics can also be defined as the study of
    allocation of scarce resources. It is divided into two
    branches which are defined below.

    Microeconomics:
    Microeconomics deals with individual units of an
    economy, such as individual consumers, individual
    firms and small groups of industries and markets etc.

    Macroeconomics:
    Macroeconomics is the study of economy in total or
    general economic factors such as interest rates and
    national productivity.

    SCARCITY:
    The limitation of resources is called scarcity. Scarcity is
    a common feature among all the societies.
    CHOICE:
    Choices are rational decisions taken by economists
    due to scarcity.

    OPPORTUNITY COST:
    The opportunity cost of an item is what you give up to
    get that item.

    POSITIVE STATEMENTS:
    Positive statements are objective and are based on
    facts. They can be tested and proven. For e.g. Higher
    interest rates will reduce house prices.

    NORMATIVE STATEMENTS:
    Normative statements are subjective and opinion-
    based. They cannot be tested or proven. For e.g.
    Unemployment is more harmful than inflation.

    2
    MARKET:
    A market is an arrangement where buyers and sellers
    interact to facilitate the exchange of goods and
    services.

    FACTORS OF PRODUCTION
    Land includes all the nat

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