Remember in childhood when your mother dispatched you to the store to buy a loaf of bread? There were usually five or six offerings with varying sizes, appearances, and smells (supply factors). To preserve wealth, the rational choice would be the one with the lowest price, but are there other considerations (demand characteristics)? What level of satisfaction (utility) are experienced by—your family, your mother, the store owner, the baker, the farmer, or yourself?
Economics is a social science concerned with human consumers and the processes for producing, distributing, and using their goods and services. It examines how individuals, businesses, and governments allocate the available resources. Pilfering Socrates, society’s ...
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