The Theory Of Comparative Advantage And Resource Allocation In Economics

What is Economics and the Problem of ScarcityEssay 1: The theory of comparative advantage; allocation, production and consumption of scarce resources
Economics is the study of scarce resource. Resources are scarce in the sense that these resources fell short of unlimited wants of people. Hence, there always remain a trade-off between different wants in the economy. To produce more of something, it is necessary to sacrifice some other goods. &…