Economic Concepts Essay Examples - Only The Best to Spark Your Inspiration!

In economics, scarcity simply refers to the limited nature of economic resources and as such consumers have to make choices as to what they can acquire with their limited resources and what they can forego. When the consumer makes the decision to acquire a good or service at the expense of another good or service that he also needed but could not acquire both due to limited resources, the foregone choice is referred to as opportunity cost (Frank and Bernanke). In our everyday life, these economic concepts are practiced both micro-economically and macro-economically. Personally, like so many other consumers, ...