Tag: economics

The central economic problems rise for the basic fact that the resources in the economy is scarce with many alternative uses whereas the wants are unlimited. Therefore, it deals with the efficient allocation of the resources for the production of goods and services in the economy. 

Economics deals in the problems of how resources are allocated in the production of various goods and services in the economy for the satisfaction of human wants because these resources are scarce and have alternative uses whereas human wants are unlimited

Marginal opportunity cost $= \dfrac{\triangle \,\text{Loss of output of Good - 2}}{\triangle\, \text{Gain of output of Good - 1}} = \left[\dfrac{50}{10} = 5\right]$

Marginal opportunity cost $=5$. 

Micro economics deals with solving the central problem of the economy which deals with resource allocation. It is the study of how resources are allocated in the production of various goods and services in the economy for the satisfaction of human wants. This is because these resources are scarce and have alternative uses whereas human wants are unlimited.

Economics deals in the problems of how resources are allocated in the production of various goods and services in the economy for the satisfaction of human wants. This is because these resources are scarce and have alternative uses whereas human wants are unlimited.

Statistics deals with collection, organisation, analysis and interpretation of numerical data, thus, the data here is quantitative. It is a branch of mathematics used for research and drawing conclusions from quantitative data.