Submitted by jeanbickel89 on October 1, 2007

• Category: Business
• Words: 484
• Pages: 2
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Economics - The Study Of Choices

We need economics because as individuals and as a society we experience scarcity (of raw materials, of goods and services, of time, and so on) in relationship to our ever-growing needs and wants. Economics examines how we make choices like should I go and further my studies or should I stop studying and join the work force to get a wage? On a National scale the government might experience choices like should more money be invested in health or education? These choices are all caused because of lack of resources. Economics therefore gives us a way of understanding how to make best use of natural resources, machinery, and people's work efforts. We are constantly faced with economic problems...

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