Tag: branches
Concept of scarcity and branches of study within economics
by 徬徨乳酪乾 Scarcity, a concept we already implicitly discussed in the introduction to this tutorial, refers to the tension between our limited resources and our unlimited wants and needs. For an individual, resources include time, money and skill. For a country, limited resources include natural resources, capital, labour force and technology. Because all of our […]