Author: ralgorithms

Economics is a large and multi-faceted discipline with different meanings according to different schools of thought. Parts of economics are rooted in philosophy, and the field borrows ideas from many other faculties, such as mathematics, social sciences, and even psychology. Economics studies how humans make decisions in the face of scarcity. As we said before, there are several schools of thought, but they all agree upon the scarcity principle. Scarcity essentially means that people have unlimited wants. but there is only so much to go around, so there needs to be an efficient way to organize resources so people can…