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Essentials of Economics 2nd Edition by Campbell McConnell, Randy Grant, Stanley Brue
Edition 2ISBN: 978-0073511313Essentials of Economics 2nd Edition by Campbell McConnell, Randy Grant, Stanley Brue
Edition 2ISBN: 978-0073511313 Exercise 1
Ralph Waldo Emerson once wrote: "Want is a growing giant whom the coat of have was never large enough to cover." How does this statement relate to the definition of economics
Explanation
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This statement is related to the definition of economics in the sense that definition of economics points towards the same thing as is pointed out in the given statement.
As per economics, wants of a society are unlimited however means to satisfy these unlimited wants are limited and thus all wants can never be satisfied in their totality.
Also, with limited means having alternative uses, society has to make choice as to which wants it will satisfy using the limited means.
As per economics, wants of a society are unlimited however means to satisfy these unlimited wants are limited and thus all wants can never be satisfied in their totality.
Also, with limited means having alternative uses, society has to make choice as to which wants it will satisfy using the limited means.
Essentials of Economics 2nd Edition by Campbell McConnell, Randy Grant, Stanley Brue
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