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Rosemary
- Price $4
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- Economics
- Business Management
- Microeconomics
- Macroeconomics
- International Trade
A professional economist collects and analyze data which are useful to our day to day activities. Like it implies it is a study of ends and scarce means which has alternative uses . Our wants are unli
- Economics
- Business Management
- Microeconomics
- Macroeconomics
- International Trade
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About Rosemary
My name is Akudoro Rosemary, am a graduate from Nnamdi Azikwe university and also a student of university of the people . I studied Economics education and management with wide knowledge in the course and a professional teacher, I teach basic, secondary and tertiary institution students. Very patient, young and hardworking.
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About the lesson
- Primary School
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- Year 10
- +8
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- English
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English
Everyday in an average man's life, you wake up, have breakfast, pay for your transport fare to work, and earn ends means to pay for your rent and other daily necessity What do you think just happens it's economics. This is a social science that study man and how he handles his daily activities, I.e sorting our numerous wants with the available resources.
Economics has various principles and we can see them below
* It makes you a rational thinker, sometimes we decisions out of our previous plans that create marginal cost and benefits e.g deciding to apply for and extra class outside your normal lectures. you get more knowledge but with an additional cost.
*The cost of a product is what you give up to get. We have numerous wants and limited resources.
*In our everyday life we make decision that put one option above the other I.
e our scale of preference, ranking our wants according to their importance
*Market is a good means of promoting an economy. If you think about it, it’s like a cycle. Households decide where they’ll work, and firms decide who they want to hire and what to produce.
*A country standard of living depends on the countries production. For example, even in high income countries, the Western world has made leaps and bounds in what we consider to be the standard of living.
Both domestic and international market trade make use of economics principles when trading .
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