what is the main cause of economics
Answers
Answer:
hoice and opportunity cost are two fundamental concepts in economics. Given that resources are limited, producers and consumers have to make choices between competing alternatives. Individuals must choose how best to use their skill and effort, firms must choose how best to use their workers and machinery, and governments must choose how best to use taxpayer’s money.
Making an economic choice creates a sacrifice because alternatives must be given up. Making a choice results in the loss of benefit that an alternative would have provided. For example, if an individual has £10 to spend, and if books are £10 each and downloaded music tracks are £1 each, buying a book means the loss of the benefit that would have been gained from the 10 downloaded tracks. Similarly, land and other resources, which have been used to build a school could have been used to build a factory. The loss of the next best option represents the real sacrifice and is referred to as opportunity cost. The opportunity cost of choosing the school is the loss of the factory, and what could have been produced.
It is necessary to appreciate that opportunity cost relates to the loss of the next best alternative, and not just any alternative. The true cost of any decision is always the closest option not chosen.
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รσɱε σƒ ƭɦε ɱαเɳ ɾεαรσɳร ƒσɾ ƭɦε εאเรƭεɳcε σƒ εcσɳσɱเc ρɾσɓℓεɱร αɾε ɠเѵεɳ ɓεℓσω:
รσɱε σƒ ƭɦε ɱαเɳ ɾεαรσɳร ƒσɾ ƭɦε εאเรƭεɳcε σƒ εcσɳσɱเc ρɾσɓℓεɱร αɾε ɠเѵεɳ ɓεℓσω:(เ) รcαɾcเƭყ σƒ ɾεรσµɾcεร:
รσɱε σƒ ƭɦε ɱαเɳ ɾεαรσɳร ƒσɾ ƭɦε εאเรƭεɳcε σƒ εcσɳσɱเc ρɾσɓℓεɱร αɾε ɠเѵεɳ ɓεℓσω:(เ) รcαɾcเƭყ σƒ ɾεรσµɾcεร:ɾεรσµɾcεร (เ.ε. ℓαɳ∂, ℓαɓσµɾ, cαρเƭαℓ, εƭc.) αɾε ℓเɱเƭε∂ เɳ ɾεℓαƭเσɳ ƭσ ƭɦεเɾ ∂εɱαɳ∂ αɳ∂ εcσɳσɱყ cαɳɳσƭ ρɾσ∂µcε αℓℓ ωɦαƭ ρεσρℓε ωαɳƭ.
เƭ เร ƭɦε ɓαรเc ɾεαรσɳ ƒσɾ εאเรƭεɳcε σƒ εcσɳσɱเc ρɾσɓℓεɱร เɳ αℓℓ εcσɳσɱเεร. รcαɾcเƭყ เร µɳเѵεɾรαℓ αɳ∂ αρρℓเεร ƭσ αℓℓ เɳ∂เѵเ∂µαℓร, σɾɠαɳเรαƭเσɳร αɳ∂ cσµɳƭɾเεร. ƭɦεɾε ωσµℓ∂ ɦαѵε ɓεεɳ ɳσ ρɾσɓℓεɱ, เƒ ɾεรσµɾcεร ωεɾε ɳσƭ รcαɾcε.
(เเ) µɳℓเɱเƭε∂ ɦµɱαɳ ωαɳƭร:
(เเ) µɳℓเɱเƭε∂ ɦµɱαɳ ωαɳƭร:ɦµɱαɳ ωαɳƭร αɾε ɳεѵεɾ εɳ∂เɳɠ, เ.ε. ƭɦεყ cαɳ ɳεѵεɾ ɓε ƒµℓℓყ รαƭเรƒเε∂. αร รσσɳ αร σɳε ωαɳƭ เร รαƭเรƒเε∂, αɳσƭɦεɾ ɳεω ωαɳƭ εɱεɾɠεร. ωαɳƭร σƒ ƭɦε ρεσρℓε αɾε µɳℓเɱเƭε∂ αɳ∂ ҡεερ σɳ ɱµℓƭเρℓყเɳɠ αɳ∂ cαɳɳσƭ ɓε รαƭเรƒเε∂ ∂µε ƭσ ℓเɱเƭε∂ ɾεรσµɾcεร.
(เเ) µɳℓเɱเƭε∂ ɦµɱαɳ ωαɳƭร:ɦµɱαɳ ωαɳƭร αɾε ɳεѵεɾ εɳ∂เɳɠ, เ.ε. ƭɦεყ cαɳ ɳεѵεɾ ɓε ƒµℓℓყ รαƭเรƒเε∂. αร รσσɳ αร σɳε ωαɳƭ เร รαƭเรƒเε∂, αɳσƭɦεɾ ɳεω ωαɳƭ εɱεɾɠεร. ωαɳƭร σƒ ƭɦε ρεσρℓε αɾε µɳℓเɱเƭε∂ αɳ∂ ҡεερ σɳ ɱµℓƭเρℓყเɳɠ αɳ∂ cαɳɳσƭ ɓε รαƭเรƒเε∂ ∂µε ƭσ ℓเɱเƭε∂ ɾεรσµɾcεร.ɦµɱαɳ ωαɳƭร αℓรσ ∂เƒƒεɾ เɳ ρɾเσɾเƭเεร, เ.ε. αℓℓ ωαɳƭร αɾε ɳσƭ σƒ εφµαℓ เɳƭεɳรเƭყ. ƒσɾ εѵεɾყ เɳ∂เѵเ∂µαℓ, รσɱε ωαɳƭร αɾε ɱσɾε เɱρσɾƭαɳƭ αɳ∂ µɾɠεɳƭ αร cσɱραɾε∂ ƭσ σƭɦεɾร. ∂µε ƭσ ƭɦเร ɾεαรσɳ, ρεσρℓε αℓℓσcαƭε ƭɦεเɾ ɾεรσµɾcεร เɳ σɾ∂εɾ σƒ ρɾεƒεɾεɳcε ƭσ รαƭเรƒყ รσɱε σƒ ƭɦεเɾ ωαɳƭร. เƒ αℓℓ ɦµɱαɳ ωαɳƭร ɦα∂ ɓεεɳ σƒ εφµαℓ เɱρσɾƭαɳcε, ƭɦεɳ เƭ ωσµℓ∂ ɦαѵε ɓεcσɱε เɱρσรรเɓℓε ƭσ ɱαҡε cɦσเcε.
(เเเ) αℓƭεɾɳαƭε µรεร:α∂ѵεɾƭเรεɱεɳƭร:
(เเเ) αℓƭεɾɳαƭε µรεร:α∂ѵεɾƭเรεɱεɳƭร: ɾεรσµɾcεร αɾε ɳσƭ σɳℓყ รcαɾcε, ɓµƭ ƭɦεყ cαɳ αℓรσ ɓε ρµƭ ƭσ ѵαɾเσµร µรεร. เƭ ɱαҡεร cɦσเcε αɱσɳɠ ɾεรσµɾcεร ɱσɾε เɱρσɾƭαɳƭ. ƒσɾ εאαɱρℓε, ρεƭɾσℓ เร µรε∂ ɳσƭ σɳℓყ เɳ ѵεɦเcℓεร, ɓµƭ αℓรσ ƒσɾ ɾµɳɳเɳɠ ɱαcɦเɳεร, ɠεɳεɾαƭσɾร, εƭc. αร α ɾεรµℓƭ, εcσɳσɱყ ɦαร ƭσ ɱαҡε cɦσเcε ɓεƭωεεɳ ƭɦε αℓƭεɾɳαƭเѵε µรεร σƒ ƭɦε ɠเѵεɳ ɾεรσµɾcεร.
ɦσρε ƭɦเร ɦεℓρร µɦ ✌️