• Home
  • Economics
    • Scarcity
    • Opportunity Cost
    • Goods and services
    • Market and economic systems
    • Economy
    • Production
    • Factors of production
    • Production function
    • Equilibrium
    • Economies of scale
    • Economies of scope
    • Efficiency
    • Productivity
    • Comparative advantage
  • Microeconomics
    • Utility
    • Supply and demand
    • Elasticity
    • Economic surplus
    • Consumer surplus
    • Producer surplus
    • Market failure
    • Market structure
  • Macroeconomics
    • GDP
    • Economics GDP Formula
    • GNP Formula
    • NDP
    • National income
    • Disposable income
    • Aggregate demand
    • Aggregate supply
    • Unemployment
    • Inflation
    • Interest rate
    • Business cycle
    • Central bank
    • Investment
  • Guest Post
Tuesday, September 26, 2023
  • Login
EconGuru
  • Business
    • All
    • Accounting
    • Entrepreneurship
    • Management
    • Marketing
    • MBA
    Guest Experiences at hotel

    Exceeding Expectations: How Offering Unique Guest Experiences Can Drive Hotel Revenue

    Understanding Performance Reporting for Your Company

    Easy Ways to Ramp Up Security for Your Small Business

    3 Things You Should Know Before You Start a Web Design Firm

    5 Ways to Make Money When You Are Disabled

    5 Business Ideas You Can Run From Anywhere In The World

    5 Best Books to Learn Stocks Trading: Study for Successful Investing

    6 Best Real Estate Books to Get You a Solid Education In Real Estate Investing

    Must-Read 5 Best Business Books For Men And Women Who Love Success!

  • Economics
    • All
    • Basic Economic Concepts
    • Economic Data
    • Economic Mathematics
    • Economics Diagrams
    • Economics Education and Careers
    • Environmental Economics
    • International Economics
    • Macroeconomics
    • Microeconomics

    How to Study for an Economics Exam

    Top 100 Dataset Websites & Sources for 2021

    “Capital in the Twenty-First Century” – a comprehensive master piece on world Economy and the reign of inequality

    Freakonomics: a book for unconventional thinkers and practical millenial economist

    Is the Study of Economics Truly a Science?

    What is Your Contribution to National Income?

    The Money Supply: Why We Shouldn’t Just Print Money

    Russia Learning That Keynesian Economics Don’t Work

    Labor Force Participation Rate More Important Than Unemployment

    Trending Tags

    • Finance
      • All
      • Basic Financial Concepts
      • Corporate Finance
      • Personal Finance
      bitcoin

      5 Factors That Affect Bitcoin Prices and Volatility in the Financial Markets

      corporate event speaker

      How To Attract Industry Experts To Speak At Your Next Corporate Event

      Best 4 Personal Finance Software on Amazon

      The best invoicing softwares for small businesses

      5 Best Invoicing Software for Small Businesses

      Cryptocurrency: In Light of the Increased Volatility, Is It Worth the Risk?

      debt collectors

      4 Things You Should Do if You’re Being Harassed by Debt Collectors

      Choosing a Stock Broker Online

      What Should I Ask a Photo Booth Vendor Before Booking?

      The Total Money Makeover, a Must Read Ultimate Guide to Money Management

      Trending Tags

      • Insurance
      • Investing
      • World
        • Markets & Industries
        • Public Economics & Finance
      No Result
      View All Result
      Write for Us
      EconGuru
      • Business
        • All
        • Accounting
        • Entrepreneurship
        • Management
        • Marketing
        • MBA
        Guest Experiences at hotel

        Exceeding Expectations: How Offering Unique Guest Experiences Can Drive Hotel Revenue

        Understanding Performance Reporting for Your Company

        Easy Ways to Ramp Up Security for Your Small Business

        3 Things You Should Know Before You Start a Web Design Firm

        5 Ways to Make Money When You Are Disabled

        5 Business Ideas You Can Run From Anywhere In The World

        5 Best Books to Learn Stocks Trading: Study for Successful Investing

        6 Best Real Estate Books to Get You a Solid Education In Real Estate Investing

        Must-Read 5 Best Business Books For Men And Women Who Love Success!

      • Economics
        • All
        • Basic Economic Concepts
        • Economic Data
        • Economic Mathematics
        • Economics Diagrams
        • Economics Education and Careers
        • Environmental Economics
        • International Economics
        • Macroeconomics
        • Microeconomics

        How to Study for an Economics Exam

        Top 100 Dataset Websites & Sources for 2021

        “Capital in the Twenty-First Century” – a comprehensive master piece on world Economy and the reign of inequality

        Freakonomics: a book for unconventional thinkers and practical millenial economist

        Is the Study of Economics Truly a Science?

        What is Your Contribution to National Income?

        The Money Supply: Why We Shouldn’t Just Print Money

        Russia Learning That Keynesian Economics Don’t Work

        Labor Force Participation Rate More Important Than Unemployment

        Trending Tags

        • Finance
          • All
          • Basic Financial Concepts
          • Corporate Finance
          • Personal Finance
          bitcoin

          5 Factors That Affect Bitcoin Prices and Volatility in the Financial Markets

          corporate event speaker

          How To Attract Industry Experts To Speak At Your Next Corporate Event

          Best 4 Personal Finance Software on Amazon

          The best invoicing softwares for small businesses

          5 Best Invoicing Software for Small Businesses

          Cryptocurrency: In Light of the Increased Volatility, Is It Worth the Risk?

          debt collectors

          4 Things You Should Do if You’re Being Harassed by Debt Collectors

          Choosing a Stock Broker Online

          What Should I Ask a Photo Booth Vendor Before Booking?

          The Total Money Makeover, a Must Read Ultimate Guide to Money Management

          Trending Tags

          • Insurance
          • Investing
          • World
            • Markets & Industries
            • Public Economics & Finance
          No Result
          View All Result
          EconGuru
          No Result
          View All Result

          Home Index Economics Basic Economic Concepts What is Economics…And Why Should I Care? Part 2

          What is Economics…And Why Should I Care? Part 2

          Yolander Prinzel by Yolander Prinzel
          June 8, 2010
          in Basic Economic Concepts, EconGuru
          0 0
          A A
          1
          Share on FacebookShare on TwitterShare on LinkedinShare on RedditShare on WhatsappShare by Email

          Yesterday, In Part 1 we discussed economics terminology as it relates to your household budget. Today, let’s create a real example of the terminology in action.

          One of the most important wants you have is that of food. To satisfy this want you have to create a supply using your resources but because your resources are limited you have to allocate them properly in order to meet your family’s demand for food. To do so you are faced with two choices:

          You might also like

          Must-Read 5 Best Business Books For Men And Women Who Love Success!

          October 12, 2022

          6 Best Books to Learn Ecommerce: Start Your Own Online Store Today

          October 12, 2022

          1. You can use your cash resources (which are limited) and buy vegetables at the grocery store.

          Or

          2. You can ask your other resources – yourself, your spouse and your allowance-earning children – to create a garden utilizing the non-cash resources of manual labor, tools, soil and seeds.

          If you choose the second option, the cash you pay your children in the form of an allowance will result in labor that produces more food than a trip to the grocery store with the same amount of cash would. This means you made a choice to allocate your non-cash resources toward the production of goods so that you have more cash available for wants that cannot be produced out of those non-cash resources.

          And that sums up the definition of economics: society’s allocation of limited resources toward the fulfillment of their wants.

          Previous Post

          What is Economics…And Why Should I Care? Part 1

          Next Post

          What is Keynesian Economics?

          Yolander Prinzel

          Yolander Prinzel

          Yolander Prinzel is a financial writer as well as a series 7, 66 and 2-15 licensed representative. During her decade of financial industry experience she has been an insurance agency director of marketing and director of operations, a life insurance underwriter, and a trading service specialist for Raymond James Financial Services. She was a featured speaker at the 2006 Hartford National Sales Conference and the 2006 Brookstreet Securities Annual Conference.

          Related Stories

          Must-Read 5 Best Business Books For Men And Women Who Love Success!

          by sporta
          October 12, 2022
          0

          There's just not enough time in the day to work, build a business, nurture a family and still have time...

          6 Best Books to Learn Ecommerce: Start Your Own Online Store Today

          by sporta
          October 12, 2022
          0

          After 3-6 months of reading blog articles, watching webinars and going through forums, it all comes down to starting your...

          Best 4 Personal Finance Software on Amazon

          by sporta
          October 12, 2022
          0

          Having to spend precious time manually tracking your personal finances. Tired of spending hours to find out where your money...

          How to Start Your Embroidery Business at Home – Make Big Bucks at Home

          by sporta
          September 27, 2022
          0

          If you are planning and thinking how to start an embroidery business at home, congratulations first!! We know what your...

          Next Post

          What is Keynesian Economics?

          Comments 1

          1. Pingback: What is Economics…And Why Should I Care? Part 1 | EconGuru Economics Guide

          What is EconGuru?

          EconGuru

          EconGuru was founded in 2006 by a group of Economics students who are passionate about learning and sharing everything in Economics, Finance, and Business.

          The mission is to improve economic and financial literacy of the general public so people can better understand and react to economic problems and make good financial decisions.

          We have no social profiles on any network, and if you like us, bookmark EconGuru.com or share us with your friends.

          Textbooks

          • Intro to Economics
          • Firms & Industrial Structure
          • Fundamentals of Ecology
          • Economics
          • Macroeconomics
          • Microeconomics
          • Useful Links

          © 2006 - 2022 EconGuru - Your premium guide for Economics, Finance, and Business. Privacy

          No Result
          View All Result
          Write for Us
          • Banking
          • Books & Textbooks
          • Business
            • Accounting
            • Entrepreneurship
            • Management
            • Marketing
            • MBA
          • EconGuru
          • Economics
            • Concepts
            • Microeconomics
            • Macroeconomics
            • Economic Data
            • Economic Mathematics
            • Economics Diagrams
            • Education and Careers
            • Environmental Economics
            • International Economics
          • Finance
            • Concepts
            • Corporate Finance
            • Personal Finance
          • History of Economics
            • Economists
          • Insurance
          • Investing
          • Markets & Industries
          • Public Economics & Finance
          • World Economy
          • Login

          © 2006 - 2022 EconGuru - Your premium guide for Economics, Finance, and Business. Privacy

          Welcome Back!

          Login to your account below

          Forgotten Password?

          Retrieve your password

          Please enter your username or email address to reset your password.

          Log In
          Are you sure want to unlock this post?
          Unlock left : 0
          Are you sure want to cancel subscription?