what is economics

A detailed Summary of what is economics


Economics: the study of how people choose to use their limited/scarce resources to satisfy their unlimited wants

Economic choices incur economic costs (called opportunity costs)

Opportunity cost: value of the best alternative forgone

[NB: note OC is the BEST alternative forgone and NOT ALL alternatives]

e.g. Explain which of the following are part of your OC of being a student.



Some common words found in the essay are:
Explain OC, Total R63, OC= Out-of-pocket, , Mark Fish, 000 match, 000 2 matches, loss +, 2 matches, function produce, 000 2, opportunity cost, r1 000, fee loss +, fee loss, r10 000, opportunity costs,

Approximate Word count = 273
Approximate Pages = 1 (250 words per page double spaced)

Category: Politics

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