Sunday 25 January 2015

Week Two

Basic economics Concepts  


                               
Scarcity
   The factors of production are limited, The amount of output of production also limited
                                                                    

                                                             Choice                                                          
Limited resources, unlimited demand. A choice made among several wants which involves some trade off known as opportunity cost.          


      Opportunity cost   
                           The value of the best alternatives foregone when a choice is made.