Explain The Nature Of Economics - 1216 Words

Economics Essay Explain the nature of economics The nature of economics is essentially the study of the economy and how to solve the problems it poses. Economics includes the concepts of the economic problem, scarcity, the need for choice, opportunity costs, future implications of current choice by individuals, businesses and governments and economic factors underlying decision making by individuals, businesses and the government. The nature and study of economics is ultimately about trying to solve the economic problem. The economics problem, put simply is a about trying to satisfy unlimited wants, with limited resources - scarcity. Due to the fact society has become more materialistic, societies wants are never-ending. When one want is satisfied, another one comes along. All these wants cannot be simultaneously satisfied as resources are scarce and limited, unlike the wants. Individuals cannot obtain a satisfactory amount of capital and consumer goods, because their desires are never ending. For example, wants include, cars, clothes, phones, holidays and shoes. The economic problem affects lower income individuals compared to ones that earn higher incomes as they may possess the resources to satisfy more wants at once. The concept of scarcity is at the core of economics. The effects that the economic problem has on all levels of society are detrimental and can only be solved by obtaining more resources. As a result of the economic problem, the nature of economics alsoShow MoreRelatedWealth of Nations1626 Words   |  7 PagesMichelle Trejo Dr. King Human Nature and the Social Order II June 6, 2008 â€Å"The Wealth of Nations† Adam Smith, the author of â€Å"The Wealth of Nations†, was a Scottish moral philosopher during the Industrial Revolution who was inspired by his surroundings to write about the field of economics. 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