Economics
affects all of us, whether we understand how it does this or not. Economics is a sciencies that deals with
the satisfaction of human wants through the use of scarce resources of
prodaction. Since all resources are limited, there never are enough to give
individuals all that they want. The economic system of a country must deal with
the problem of allocating these scarce resources among the competing parties
who want them.
An ‘economic system results from the way in which
people organize natural resources, labor, and management skills to produce and
distribute the things they want. In many ways an economic system makes
conflicting demands kupon us it may dictate certain behaviors, such as getting a job to
provide income, and it may then change the demand for the Koba certain people
are trained to perform. Engineers are a good example – years ago there was
little demand for engineers, now there is a strong demand. At some point in the
future we can be sure the demand for enggineers will decline again. Individual workers
must look out for their own intersts – yet may have to join other workers to
present a united front to get what they want. The ideals economic system
rewards individual achievement – at the same time it encourages everyone to
work together for the benefit of all.
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