Daffodil International University
Faculties and Departments => Business Administration => Business & Entrepreneurship => BBA Discussion Forum => Topic started by: Md. Alamgir Hossan on March 25, 2017, 10:25:43 AM
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As a company we couldn't be sending out individuals workers to survey every single possible location in person for our new factory. We have limited resources; therefore we need someone to still be working while these things are happening.
Some of the company's executives wanted to make improvements to their offices but other executives were against it because they didn't want to use up the company's limited resources.
All money related problems are called the economic problem. The economic problem—sometimes called the basic, central, or fundamental economic problem—is one of the fundamental economic theoretical principles in the operation of any economy. It asserts that there is scarcity; that is, that the finite resources available are insufficient to satisfy all human wants and needs. The question then becomes how to determine what is to be produced, and how the factors of production (such as capital and labor) are to be allocated. Economics revolves around methods and possibilities of solving this fundamental economic problem.
The economic problem arises mainly due to two facts: human wants are unlimited, but the means to satisfy human wants are scarce.
Those who have studied Latin know that the prefix “micro-“ means “small,” so it shouldn’t be surprising that microeconomics is the study of small economic units. The field of microeconomics is concerned with things like:
• Consumer decision making and utility maximization
• Firm production and profit maximization
• Individual market equilibrium
• Effects of government regulation on individual markets
• Externalities and other market side effects