Basic Concept Of Economics
Whenever a baby born in this world he/she has wants so many things to outlive in this world equivalent to daylight, water, air (oxygen), milk, meals, clothings and shelter (housing) etc. a few of these requirements are met freely (free of price) like sunlight and oxygen and so on as a result of these can be found in abundance. These type of wants are ‘Non-financial Wants’ in Economics. But, to fulfill some other requirements ( like milk, food, clothings and shelter (housing) and many others) one has to pay something in change. One has to pay a value for these scarce assets in terms dollars (forex), different items & assets (for barter or alternate) or may has to render some service in exchange. Thus a lot of these necessities or desires are referred to as ‘Economic Wants’ in Economics. Therefore, the Economics studies that how the people meet their Economic … Read more
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