What is an economics?

Answer 1

Economics is mainly the study of how people and society chose utilize their scarce resources to satisfy their unlimited needs and wants.

When there is limited resources you will have a choice in which what needs and wants will you fully utilise them in and this this where the concept of opportunity cost (Next best Alternative) comes where you will have to chose which option is the best in you can use you resources in.

E.g. you have $5. 1st option movies cost $5

2nd option Lunch cost $5

Since you only have $5 which option would be the best inorder to satisfy your unlimited need and want?

do you really need to watch the movie? no

but do you need to eat? yes

So your best alternative to use that limited resource is buying your lunch.

Eliki Waqavakatoga