Social Science – Economic

Economy Coursework

An economy is regarded as an area of the production, distribution, allocation of resources and consumption of goods and services by economics agents within a geographical location. Every economy must decide what to produce given the resources available and the know-how. The efficient allocation of the resources toward competing ends is another main function of the economy. It answers the question how to produce. Any production made must have a target group that is for whom to produce. Finally, how to distribute the goods and services produced is paramount in functions of an economy.

Economic goods are the consumable items that satisfy human wants and provide utility but scarce. Wants are goods and services that are not necessary but that we desire or wish for hence every person has unlimited wants but scarce resources. On the other hand, needs are things that are necessary for survival or simply wants with varying levels of importance.

Virtually, all societies face the economic problem, which is the problem of how to make use (allocation) of limited or scarce, resources. The economic problem is to match limited resources to unlimited wants and needs.

Consumer goods have economic value hence scarce. They are not free goods which you don’t have to give up something for. Resources are scarce compared to all uses we have for them. Poor quality of consumer goods may be attributed to low prices and poor workmanship.

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