You are welcome to ask questions on Economics. I am looking to explain economic principles / ideas/ recent developments in economics. Due to the volume of questions, I can no longer promise to answer. But, I will try if it meets below criteria.
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- I am looking to explain economic principles / ideas/ recent developments in economics.
- I will answer as a new post. Check home page of blog for new post. With question and answers
I studied PPE at Lady Margaret Hall college, Oxford University, and currently work as an Economics A Level teacher. I have also examined several different economic units for Edexcel AS and A2.
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it does not make sense for me to take care of my wants if my opportunity cost is $10.Explain the rationality of the statement?
why did government spend money on economic development
My marriage ceremony would be held tomorrow. If any one give wishes today to my wife I would feel good. Her no is 9463665087 (INDIA)
Regards,
RAJ
Economics is study of resources, how to manage them for maximizing their value.
Resources are sources of values.
What is Economics?
Economics is study for knowledge of how to get maximum value from limited resources for benefit of humen. Humen make society. If there are unlimited resources, then there is no need of Economics. But resources are limited. We need to make maximum benefit from them. Resources are two types. Renewable resources and non renewable resources.
Society – Economics is study of resources for society. Society is narrow term of humen. Society is final beneficiary of economics. Aim of economics is to try maximizing economic benefit of society. Without society there is no need of economics.
Aim of every law of economics is to try manage resources in best manner.
Management is a process of decision making with aim to make best decision.
We can take best decision only if we have proper knowledge of matter.
We need to study all circumstances, alternatives, limitation and possible results
for making right choice.
We need to make decision relating to production, distribution and consumption of resources. For this we need Economics.
For example, concept of marginal cost is a marginal opportunity cost . We need to study marginal cost in making decision related to production. We need to increase production keeping in mind marginal cost of production. We need make decision related to production.
There are much more, but tomorrow is my marriage. So I have less time.
Can you give wishes to my wife, I would feel good. Mob no is 9463665087(India)
OK
RAJ
Economics is the study of how society manages its resources; how they make choices, essentially making trade offs
I need help urgently – I need to complete this assignment by the February 7
If price of other good remains high , I think supply curve of material of blue jean would downward. This may create negative effect on supply side Resources of blue jean may become more costly. It would increase price of Blue jeans.