Answered: What is economics and why is it a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What is economics and why is it a relevant subject?

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Economics is the study of putting the scarce resources to the best possible use that would increase the efficiency of the society.

These scarce resources could be income which the consumer allocates to different goods, it could be time, which a worker allocates to work or leisure, it could be income, which could be either consumed or saved. These scarce resources could be the natural resources which should be put to best use.

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