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Write 7 page essay on the topic Nature And Significance Of Economic Science.The paper discusses what the core issues are, or the central problems studied in microeconomics, which could be classified a
Write 7 page essay on the topic Nature And Significance Of Economic Science.
The paper discusses what the core issues are, or the central problems studied in microeconomics, which could be classified as:
Let us try to clearly understand what it means. Suppose it’s your birthday. But you don’t have enough money to celebrate it the way you want. Let’s say you only have $100. So you can either give a nice party to your friends or go for a movie and eat in some restaurant or buy yourself an expensive outfit, or buy a book and save the rest of the money. Ideally, you would wish you had $500 so you could do everything. But now you have to choose the best option which suits you.
Economics is thus the study of how we utilize our scarce resources to produce goods and services to satisfy the most pressing of our infinite wants and how we distribute these goods and services amongst ourselves.
Every individual or an organization has to decide which goods are to be produced and in what quantities. For example, a house-wife while cooking food for the family has to decide, depending on the other family members what is to be cooked, are all the necessary ingredients available, will everyone like it, how much quantity is to be prepared, etc.
Taking a particular example of this, Honda Motors, “established in 1946” (HA, par. 1) by Mr. Soichiro Honda, used to manufacture motorcycles, which included some specifically designed for ladies. Honda tried to satisfy the needs of all types of customers. But by around 1960’s since incomes were rising, people were switching over from motorcycles to cars. So, to keep up with the market, in 1963, Honda released its “first sports car, in Japan” (HA, par. 3). The Honda Civic debuted in 1972 and was “ranked first in US fuel economy test” (HA, par. 4). Civic has been one model which they have been refining as per the needs of the society from time to time.
