Tell 1 unique statement about Economics (in Introduction textbook) that you like!?
Economics is social science about production, consumtion, and distribution of goods and services. The objective of economists itself is to make all that above run effieciently.
* the example above is very simple, I want to make sure that every statement is possible *
10 pts. for good or detailed answer.
Answer:
"It is not by the good intentions of the Butcher, the Baker, or the Brewer we get our meat, bread or beer, it is from their self-interest." Adam Smith.
Read this in "Adam Smith's Mistake", the premise of that book was the founder of modern Economics should have considered it from not only self-interest but the good of the common wealth the providers of goods and services act.
Economics is the science of choice faced by people because of "scarcity."
Economics is about making choices with scarce resources.
Economics is the art of social science. The concepts covered in economics offers the reader the understanding and dynamics in the relationships of how supply and demand influences or hinders current production in businesses. In addition the consumption and distrubution of goods and services includes the management or flux of human effort or jobs in relation to machine or overseas production such as outsourcing technologies services like call centres or computer programming to cheaper countries.
Also economics can shows how policies managed by the various goverments reflect these choices made regarding essential variables such as money and interest rates.
Economics is the study of scarcity and how it affects behaviors. The underlying truth is that everything is scarce and therefore must be rationed but in order to efficently perform this there must be incentives that can be correlated with final behaviors.
Economics is the science of scarcity.
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