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Economics Principles and Their Apllications

Economics is defined as a study of how socities produce useful commodities fromscarce resources and share them among themselves. Economics is very broad and has many principles and their applications.scarcity is where economists study situations where the needs of people exceed rthe means of acquiring the resources and therefore have to make choices. Rationality is aconcept assumed to guide trhe decisions or choices of people. When they are deciding they are given an opportunity to gauge the benefits and cost of all alternativers that they have.preferences allows people to assign utilities to all alternatives and choose the one that maximises on utility. Restrictions puts constraints to people that they cannot change themselves and must therefore take them the way they are such as budgets. Opportunity cost which is induced by scarcity and the need to make choices, helps people in deciding against some other options. Two aspects of opportunity cost are used, that is, static aspect and dynamic aspect. Static aspect is when utility maximization choices makes opportunity cost to be minimal. Dynamic aspect is where choices are revised if opportunity cost rises. The economic principle is where rationality to situations of scarcity  is applied. In this principle, one minimizes cost with reference to a certain goal or maximises utility for a given level of cost or input.it therefore allows efficiency  and avoids wasting valuable resources.

In economic analysis, efficiency of activities, transactions and rules is a major theme. It is either assessd in terms of pareto criterion or economic principle.another principal is marginal analysis where economists look at problems however it is uncommon among non-economists. In economic analysis equilibrium is a fundamental notion. It is where economist think in terms of equilibrtia, situations where one is not capable of changing his or her behaviour. Game theory is another approach where situations of interdependence are studied and people have incentives to behave strategically.

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