Economics is the study of how people choose to use their scarce resources to meet their competing desires. Resources include money, property, and time. A resource is considered scarce when people cannot obtain as much of it as they would choose if the resource were free. Scarcity forces people to make choices about how best to use their resources. A consumer chooses whether to use his or her income to buy food or a book. A parent chooses how to allocate(distribute) his or her time between working for income and caring for children. A factory owner chooses whether to expand production by hiring more workers or purchasing more machinery. A government may collect trillions of dollars in tax revenue, but it still has to choose whether to devote these funds to improving highways or building new schools. All of these are examples of the kinds of choices that might be made concerning the allocation of resources.
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Fishback, Price V. "Economics." World Book Student. World Book, 2015. Web. 21 Nov. 2015.
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