An overview of the basic principles and terms associated with the field of economics.
Written in 2008; 916 words; 10 sources; APA; $ 32.95
Paper Summary:
The paper discusses basic economic concepts. In particular, the paper defines the notions of scarcity, choice and opportunity cost, as well as the notions of specialization and comparative advantage. The paper further discusses the principles of supply and demand, the impact on equilibrium price and the equilibrium quantity and the meaning of public sector and private code. The paper then outlines the field of macroeconomics and the terms Gross Domestic Product (GDP) and Gross National Product (GNP) as well as the meaning of fiscal and monetary policy.
From the Paper:
"This is where the notions of scarcity, choice and opportunity cost intervene. Due to the fact that commodities and services are scarce, choices are required. Scarcity has become a world wide problem as the available resources are insufficient to gratify people's requirements. The resources can be classified into 4 categories: land, labor, capital and entrepreneurial ability . The opportunity cost is the true cost of any scarce good. The opportunity cost is defined as being the value of the thing you give up in order to obtain a good."
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