Answer to Question #164981 in Microeconomics for Christian Harper

Question

Economics is the study of

Answer 1

The study of how humans make choices in the face of scarcity is called economics. Individual preferences, family decisions, corporate decisions, or social decisions maybe these. You can find that shortage is a part of life if you look at it carefully. Scarcity means that this is available is surpassed by human needs for products, services, and money. To manufacture the products and services that we want, resources including human resources, instruments, property, and raw materials are required; however, they exist in limited supply. Time is the ultimate precious resource—everyone, wealthy or poor, only has 24 hours a day to find the goods they want. There will only be a finite amount of money available at any moment in time. Economic research in real estate, industry, finance, health care, engineering, including government, could be extended in society. Occasionally, economic research is often extended to topics as diverse as violence, education, family, law, politics, faith, social structures, conflict,