Topic Content:
- Basic Concept of Economics
- Wants
- Scarcity
- Choice
The basic concepts or elements of economics are:
- Wants.
- Scarcity.
- Choice.
- Scale of Preference.
- Opportunity Cost.
Let’s discuss these basic concepts:
1. Wants:
Wants are the needs or desires of man. It is impossible to satisfy all the numerous human wants. Wants or goods could be in the form of food, textbooks, clothes, shoes, houses, etc. While services could be in the form of medical services, pedicure services, legal services, etc. Human wants are unlimited, because once a need is met, another one arises, therefore human wants are insatiableimpossible to satisfy More.
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