What Economics is all About. Management Assignment.

What Economics is all about
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Economics is one of the earliest disciplines in social science, which deals with the production, distribution, and consumption of goods and/or services. Therefore, governments, businesses, and individuals have to deal with two critical issues that affect economics including scarcity and choice. Essentially, the aforementioned parties have to make choices as far as allocating resources is concerned in a bid to satisfy their needs and wants bearing in mind that these resources are scarcely available. Economics therefore helps these parties to organize and coordinate their input in order to achieve the maximum output to meet their successive needs and wants CITATION Bra19 \l 1033 (Schiller & Gebhardt, 2019). It is imperative to note that, economics endeavor to encourage efficiency in everything right from production through distribution to consumption. Therefore, it provides models and proved assumptions that help economies to come up with policies and strategies to achieve optimum efficiency. Having gone through the first two chapters in our text The Micro Economy Today (15th ed.) by Bradley Schiller and Karen Gebhardt, it should be concluded that economics is all about grappling through core economic issues to achieve global efficiency in production, distribution, and consumption of goods and/or services.
Notably, individuals are by default known to have limitless wants and yet are said to live in a world of limited resources to satisfy those wants CITATION Bra19 \l 1033 (Schiller & Gebhardt, 2019). This therefore, forms the basis for the major and most significant economic principle, which is used by all economists across the globe to advocate the concept of efficiency t...