ECO/561-Economics - 52587

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Question 1. Increasingly Economics is applied to many other disciplines that involve people in social decisions, religious institutions, industrial organizations, educational sector, politics, health, social institutions, war, etc. So, what are some examples at your current work place where you see the application of economics?


Question: 2

Economics provides wide range of learning experiences and the knowledge, understanding and skills necessary for living as individuals and as members of a family, community society and in a market driven society very well put, I would also like to stress a key point in your point that is fundamental in economics and that is the issue of choice.


Economics studies how individuals, institutions and societies make choices based on availability.


A key point that one has to stress while defining economics is the issue of scarcity. In fact some would argue that economics owes its very existence to the explanation of how to administer of adjust for scarce resources. That is why (McConnell, Brue, Flynn, 2009) define Economics as "the social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity".


It goes without saying that as a result of scarcity the issue or notion of limitations comes into play. This in turn leads to a conundrum because human beings wants are unlimited, but the means to satisfy the wants are limited. That is what makes us (humans) make decisions on how to distribute the limited resources.


In summary limits/scarcity leads to choice and the choice leads to tradeoffs and this is where the concept of opportunity concepts comes into play.

How can you use these points to expand the "Free Lunch" concept? Also think of your response based on how this can be applied to various disciplines.


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