Basic principles of Economics

Zusatztext

Economics can be defined as the study how scarce resources can be used to satisfy human wants or needs. Economics is a discipline which studies mans endeavor to satisfy his unlimited wants out of the given scarce resources. Economics deals with how people allocate finite resources. There is a tendency to act by fulfilling their own interests that result into selfishness, greed among other undesirable traits. In a bid to satisfy his needs, man tries to allocate resources in an efficient manner.

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