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Need help with my writing homework on Economics: the Study of How People Use Their Limited Resources. Write a 1500 word paper answering;
Need help with my writing homework on Economics: the Study of How People Use Their Limited Resources. Write a 1500 word paper answering; The problem is that though our wants and desires are unlimited however means to satisfy them are limited therefore in order to satisfy our needs, we must make choices to rationally utilize our means to achieve our desires.
Resources are considered as scarce when it is not sufficient to satisfy any wants and since resources are scarce therefore people must make choices among their desires. It is however, also critical to note that in order to choose one choice, we have to often forgo our other choices too because in our given resources, we may not be to satisfy all our wants and desires. The role of economics emerges at this point because it tells individuals as to how to use our resources to satisfy our wants.
Resources are the very inputs which are utilized to manufacture and produce goods and services that we want. The resources are also called factors of production as they are used to produce the goods and services that we want. These resources can be broadly categorized into four bigger categories of labour, capital, land and entrepreneurial ability.
Labour, as an input, is probably one of the most controversial resources in economics because it comprises of the human effort which is used to produce any good or service. It is important to note that human effort comprises both physical as well as mental efforts. Further, labour as a source of production itself has been driven from time as time is considered as the ultimate raw material of all the time. Time is also critical in the sense that it is limited and one has to accomplish as many tasks as one can under a given time period therefore time must be combined with different other resources specially labour to produce the desired outcomes.
Capital is also one of the most important factors of production which basically represents human effort to produce any good or service.
