The reason money is not an economic resource is because it is not productive. For example, have you ever seen a copywriter write with money or an employee transporting goods from a factory with money instead of a logistics vehicle? We
Economic Problem
Economic Efficiency: Meaning, Prerequisites, Why It Matters
What’s it: Economic efficiency is the state in which resources are allocated to the economy's highest value uses. It involves making the best possible use of resources and avoiding waste. Under these conditions, no subsequent
How are Economic Resources Allocated?
Scarcity requires us to make choices to allocate economic resources to their highest use. And, every choice involves opportunity cost, the next best alternative we give up when choosing something. Economics deals with scarcity, which
Economic Resources: Definition, Types
What's it: Economic resources is another term for factors of production. They include human resources such as labor and entrepreneurship and non-human resources such as land and capital. Sometimes we refer to them briefly as inputs or
Opportunity Cost: Meaning, Importance, Examples
Choice makes you face the opportunity cost, whether you realize it or not. At some time, you may have to choose between the two options that you both want. But, because your resources are limited (for example, you don't have enough money in
Choices in economic: Meaning, Importance, Reasons
Because of resource scarcity, economic agents must make choices. Making choices not only applies to consumers but also businesses and governments. We have to make choices about the money and time we have. What items should we choose? How