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ECS1501 ASSIGNMENT 1 SEMESTER 1
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PREVIEW OF QUESTION 1 1. 2 Reference: Prescribed book PG 2 Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. 2. 2 Reference: Prescribed book PG 2 According to these definitions, the economic problem, also referre...

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  • June 20, 2023
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  • 2022/2023
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ECS1501
ASSIGNMENT 11 SEMESTER
ASSIGNMENT SEMESTER112020
2023
UNIQUE NUMBER:
UNIQUE 530010
NUMBER: 530090

PREVIEW OF QUESTION 1
1. 2 Reference: Prescribed book PG 2

Economics is the science which studies human behaviour as a relationship between ends and
scarce means which have alternative uses.

2. 2 Reference: Prescribed book PG 2

According to these definitions, the economic problem, also referred to as the scarcity problem, arises
0because the resources that we have available for the production of goods and services are limited,
while our needs and wants for goods and services are unlimited. It is this fundamental problem of
scarcity that is the common thread that binds all the topics that are studied in economics.




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