Basic Economic Problem

Basic Economic Problem Lord Robbins defines economics as a social science which studies between ends and scare means which have alternative uses. Ends- want Scare means- Limited resources Alternative uses- different Scarcity Humans being are greedy by nature. As such, there wants are unlimited or infinite. However the resources available in form of land, labor, capital and enterprise that are being use to produce goods and services are scare or unlimited. This give rise to the basic economic problem which is scarcity. Scarcity is relative term that is does not mean few numbers. It is in fact related to demand and supply.
For example 10 rotten eggs will not scare means because there is no demand for it. However 1 millions good eggs will scare if demanded for it exceeds supply. Choice As resources are limited and wants are unlimited, we have to exercise a choice according to a scale of preference. The scale of is simply a list were the wants are being rank according to their importance. The main aim of a consumer is to maximize the level of satisfaction. Opportunity Cost Opportunity is the next best alternative foregone. It occurs because commodity has to be has to be sacrifice. The problem of scarcity, choice and opportunity cost it faced y economics agents.
Examples: Namely consumer, producer and government. Consumer The consumers: want to buy a tablet and a computer but he has only Errs, 000, both cost Errs, 000. He buys the tablets then the computer become the opportunity cost. Producer The producer of a new factory wants to produce both Jeans and Shorts but there is less labor and land so the producer chose Jeans so the shorts become the opportunity cost. Government The government has decided to build a hospital and a school. But there are fewer budgets, lack of labor and land. The government decides to build the hospital. The By Niters-Schoolboy
Approximate price: $22
We value our customers and so we ensure that what we do is 100% original..

With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.