Economics : The Basic Concept Of Scarcity, Choice And Opportunity Cost

721 Words Sep 18th, 2016 3 Pages
Economics is a branch of social science that deals with the factors that determine the production, distribution, and consumption of goods and services. According to what I have learned during high school, Economics is a study about different issues regarding on people 's wants and needs. It also deals about taxation, supply and demand, management and anything related in business. It is also a study about how we live and how we produce and consume different things in our everyday lives. According to Nolasco, Liberty. Ong, Jerome et.al (2010), It focuses on critical thinking and responds to incidents or problems from the so-called economist 's perspective. Economics is the basic concept of scarcity, choice and opportunity cost that does not have concern on the size of production of the country, but on the type of decisions made by individuals about daily events or problems. As we study economics, we will get to know the different fundamental concepts in order for us to understand it and learn more from it. One of the fundamental concepts of economics is the Supply and Demand. Supply and Demand for me is about how such business develops and become successful. It is all about how people handles different businesses in order for them to achieve what they want. According to my understanding, Supply refers to things that is being brought and distributed by different companies while Demand refers to desire or wants of the people but…

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