The study of how people allocate their limited resources to satisfy their unlimited wants . The study of how people make choices Resources . Resources : Things used to produce other things to satisfy people’s Needs: necessary for survival Air, food, shelter Wants: item we desire but do not NEED to survive Choices: Choosing/opting/allocating resources for selective/essential needs/wants . Wants : Things used to produce other things to satisfy people’s wants . What people would buy if their incomes were unlimited . With limited income (resources), people must make choices to satisfy their wants. We never have enough of everything, including time to satisfy our every desire. Individuals, businesses, and nations face alternatives, and choices must be made. Economics studies how these choices are made. Five Economic Questions WHAT to produ...
The approach to the CSS exam and the approach to individual subjects are the main topics of this blog. Regardless of your level of experience, all required materials will be offered here. This blog will analyze past papers, examiner reports, note-taking strategies, suggested readings, and the curriculum.