Category: Economics
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Can rich people satisfy all their wants?
Can rich people satisfy all their wants? It can be said that the rich people would be in a better position to satisfy their wants, but they cannot satisfy all their wants because their wants keep on increasing and on some point or another they have to deal with unlimited wants.
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How can we satisfy everyone’s wants?
How can we satisfy everyone’s wants? There are 1,000 tickets available for the match and 20,000 people want to buy the ticket School can give admission to 100 students but 600 students applied for admission What are the two examples which I have given you? The two examples show that even if the people have…
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Why do people want more?
Why do people want more? Before answering this question I would like to ask you what your future plans are? If you are right now studying in your country, why do want study in a foreign country where better education is being provided. What car do you have? If you already have a car why…
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What is opportunity cost?
What is opportunity cost? Opportunity cost is the choice which a person has to make when he has to make because of scarcity. Opportunity cost is the best alternate forgone while making a decision of choosing between two options.
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What is scarcity?
What is scarcity? Scarcity is the situation where unlimited wants and limited resources. Scarcity describes a time where it is impossible to satisfy everyone’s wants.
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What is the basic problem in Economics?
What is the basic problem in Economics? We all know that Economics is all about managing the resources which we currently have. The basic economic problem of Economics is that there are unlimited wants and limited resources in the world and it is impossible to satisfy everyone’s wants.
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What is Economics?
What is Economics? There are many people in this world who present different definitions for this word Economics, but I would like to present a definition or explanation which is simple and understandable. Economics is the study how to manage resources to achieve the maximum result or output.
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What is demand?
What is demand? This question seems to be very easy, but it is the question which is mostly answered incorrectly. Situation A: A man has $ 400 and he is willing to buy a CD worth $ 100 (Demand) Situation B: A man has $100 and his willing to buy a CD worth $ 200…
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Disadvantages of Market Economy
Disadvantages of Market Economy No government support The government has no role to play in the Market Economy and it does not provide assistance to the producer or the consumer. If the producer makes a huge loss the government is never going to bail out the produce likewise the government does not assist the consumer…
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Advantages of Market Economy
Advantages of Market Economy Efficiency The main aim of the businesses operating in the Market Economy is to earn maximum profit and this can be achieved by increasing the sales and decreasing the costs. The costs are kept minimum so and efficiency from the workers is promoted. Economic Growth Market Economy encourages people to do…