Posted by Anonymous on .
Introduction to Economics:
Explain why scarcity and choice are basic problems of economics?
What are the costs and consequences of providing the subsidies and welfare
Limited resource is the basic assumption in Economy. Moreover, it's very true in daily life.
For example, Peter want to join in several clubs and focus on his academic in the same time. However, here an opportunity cost for him to consider, because every one has only 24 hrs a day. That means, people have to make choices in limited time. In daily life, most things are limited. Yet, air is not.