armagedon (Mariana Lover): However, do u have the means to satisfy all ur wants? Perhaps, you want expensive shirts, pants, and shoes.You want to tour around the world.And, you want to drive ur own car.Because u don't have an unlimited supply of money (which is ur resource),you cannot satisfy all ur wants.This is the basic economic fact: MAN CANNOT SATISFY HIS UNLIMITED WANTS BECAUSE HE HAS LIMITED RESOURCES. *
25-08-09 - 07:55:02

armagedon (Mariana Lover): Because u have limited resources and ur wants are unlimited,you have to make a choice.You have to allocate ur resources to ur wants.How u allocate ur resources is determined by ur values 0r by what you think is right, good, bad, wrong, desirable, necessary, 0r unnescessary. *
25-08-09 - 08:01:07

armagedon (Mariana Lover): For intance,u don't have enough money to buy a pair of shoes,pants,and shirt at the same time.So, u have to decide which among these items u should first buy.Your decision will based on certain factors-necessity,for intance.If u decide to buy a pair of shoes,u will have to give up buying a pair of pants and a shirt.u TRADE OFF buying pants and a shirt with buying a pair of shoes.Choice always involves tradeoffs. *
25-08-09 - 08:09:23

armagedon (Mariana Lover): Basically,economics is the study of scarcity and choice.Some social scientist define ecomics as the study of how scarce resources should be alocated so that certain wants should be satisfied. *
25-08-09 - 08:14:06